Removing Barriers Blog

CUNA Weighs in on Bureau Consumer Complaint System Info Collection
Posted July 13, 2018 by CUNA Advocacy

Today, CUNA filed a letter with the Bureau on its request to the Office of Management and Budget (OMB) regarding the Consumer Complaint Intake System.

The Dodd-Frank Act requires the Bureau to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services. In furtherance of its statutory mandate related to consumer complaints, the Bureau utilizes a Consumer Complaint Intake System Company Portal Boarding Form (Boarding Form) to sign up companies for access to the secure, web-based Company Portal. The Company Portal allows companies to view and respond to complaints submitted to the Bureau, supports the efficient routing of consumer complaints to companies, and enables a timely and secure response by companies to the Bureau and consumers. The Bureau has requested approval by the OMB to renew the information collection associated with the Company Portal.

While we have not heard specific complaints regarding the Boarding Form—which is unsurprising since only a handful of credit unions utilize the Form—we ask the Bureau to regularly assess the complaint system overall to identify opportunities to decrease unnecessary compliance burden and increase efficiency and effectiveness. As part of the Bureau’s review, we encourage it to examine ways automated collection techniques or other forms of information technology can be incorporated into the complaint collection process to minimize the burden of the information collection on respondents.