The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget for two new surveys intended to identify factors that influence a consumer’s decision to file a complaint with the CFPB. Comments must be received on or before May 6, 2024.
The initial survey will focus on consumers who have experienced issues with their credit cards and will include a sample of people who have used the CFPB’s complaint process and another sample of people who experienced similar issues but did not file a complaint with the CFPB. (The CFPB does not indicate how it plans to identify the people who will be in the latter sample.) According to the CFPB, the survey’s design (known as a “case-control study”) will allow it to identify key factors that are associated with filing regulatory complaints.
The initial survey will inform a second survey which will focus on a broader range of products and services. To the extent feasible, the second survey will cover additional products about which consumers can submit complaints to the CFPB, including, but not limited to, mortgages, vehicle loans, bank accounts, and debt collection.
Both surveys will collect data about factors that may influence a consumer’s decision to file a complaint. These factors include information about the consumer’s use of a product, the problems encountered by the consumer when using the product, the consumer’s attitudes and perceptions towards the product and its provider, as well as demographic information.