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Tuesday, January 3, 2017

ABA Opposes CFPB Rating System for Bank Handling of Complaints

The CFPB’s proposed addition to its consumer complaint database would further erode consumer privacy and foster the spread of unverified information, ABA and the Consumer Bankers Association told the Office of Management and Budget in a comment letter. The groups urged OMB to reject the CFPB’s request to replace the function of the database that allows a customer to dispute the company’s response to the complaint with a “short survey” – and option to provide a narrative – that would allow the customer to provide feedback on the company’s handling of the complaint.

The associations said that the subjective rating system and narrative option would be based on complainants’ view of the relief to which they believed they were due, furthering the dissemination of unreliable and potentially false information into the market.

Read the letter.

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