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Removing Barriers Blog

CUNA Notes Concerns with CFPB’s Proposed Company Response Survey
Posted September 29, 2016 by CUNA Advocacy

In a recently filed letter to the CFPB, we cited several concerns with a proposed information collection, related to the CFPB’s consumer complaint database. This collection activity would incorporate a survey into the consumer complaint closing process, referred to as the Company Response Survey. The intent of the Company Response 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.  

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. We have been urging the CFPB to take appropriate steps to verify the legitimacy and accuracy, to the greatest extent possible, of a consumer’s complaint and/or compliment --prior to public disclosure. Under the current system, we believe it is possible that some institutions are effectively unable to respond to consumers’ narrative complaints due to privacy restrictions. 

We also ask the CFPB to extensively analyze the potential benefits and costs associated with the proposed Company Response Survey. While we do not discount the value of consumers having an outlet to share their experiences, it is critical that the outlet be designed to ensure that feedback is as accurate as possible and provides relevant information that can be used by other consumers and the company to improve its handling of future complaints.