Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an opportunity to recommend which option, if any, from a “set list of structured company response options” it wanted to include as a public-facing response to a complaint. … Continue Reading
While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough. The Reporters Committee and eight news organizations have submitted a comment letter asking the CFPB to remove from its proposal the requirement for a consumer to consent to disclosure of his or her narrative. … Continue Reading
Five prominent industry trade groups have sent a letter to the CFPB asking for at least 90 days to comment on the CFPB’s proposal to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.
The letter was sent by the Financial Services Roundtable, the American Bankers Association, the Consumer Bankers Association, The Clearing House, and the U.S.… Continue Reading
The CFPB held a field hearing yesterday in El Paso, Texas, at which it described its proposal to expand the complaint data it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. We previously reported about the proposal, which was released by the CFPB before the hearing.
Director Cordray identified three main reasons why the CFPB believes it is important to expand the Database to include narratives.… Continue Reading
The CFPB is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.
Currently, the CFPB’s Disclosure of Consumer Complaint Policy Statement provides that the complaint data fields the CFPB discloses in the database are limited to non-narrative fields such as the name of the company that is the subject of the complaint, the date the complaint was submitted to the CFPB and the date it was submitted to the company, the consumer’s zip code, the product type, the issue the consumer is complaining about by category, and whether or not the company provided relief. … Continue Reading