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Removing Barriers Blog

CUNA Concerns Continue regarding CFPB’s Proposed Company Response Survey
Posted December 12, 2016 by CUNA Advocacy

In a letter sent today to the CFPB, CUNA expressed our ongoing concerns with a proposed Consumer Response Company Response Survey, which would be incorporated into the consumer complaint closing process. The intent of the survey is to provide consumers with the option to provide feedback on the company’s (including covered credit unions) response to, and handling of, their complaint. 

Today’s letter is in response to the CFPB’s second request to OMB regarding the proposed survey. This request is the same as a request made in August except that in connection with the current request the CFPB submitted to OMB a Supporting Statement addressing the comments received in response to the August request. CUNA’s concerns with the current request mirror those in response to the August request. 

While we support the ability of consumers to access timely and clear information on consumer financial products and services, we continue to have concerns with the consumer complaint database overall. Regarding the proposed survey, we have serious questions regarding the need for and usefulness of such a survey.