Removing Barriers Blog

CUNA Letter Highlights CFPB Complaint Database Concerns
Posted December 21, 2017 by CUNA Advocacy

CUNA sent a letter this week in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, “Generic Information Collection Plan for Consumer Complaint and Information Collection System.”

The CFPB notes that these activities, which include consumer complaint and inquiry processing, referral, and monitoring, involve several interrelated systems. Furthermore, these interrelated systems include secure, web-based portals that allow consumers, companies, and agencies to access complaints and an online ‘‘Tell Your Story’’ feature that allows consumers to share feedback about their experiences in the consumer financial marketplace.

CUNA in its letter pointed out that as the OMB considers this request, it should consider concerns CUNA has previously provided about the CFPB complaint database, as well as concerns voiced by the Office of Inspector General (IG) and the CFPB Ombudsman. It also urged that prior to moving forward with any additional data collection or any expansion of the complaint database, the CFPB should address ongoing problems to ensure consumers are protected with a database that provides a safe and accurate catalogue of complaints.

Specifically, in the letter CUNA outlined concerns with the CFPB’s inability to verify the legitimacy and accuracy of complaints. Additionally, it was noted that credit unions are concerned about the CFPB’s inability to ensure consumer privacy and data security as it continues to collect an unprecedented amount of personal data.

CUNA will continue to advocate for changes to the complaint database. To read the full letter click here.