ABA President and CEO Frank Keating in a letter yesterday shared members’ concerns about the Consumer Financial Protection Bureau’s recent decision to publish consumer complaint narratives, and he urged the bureau to improve its portal and database to help “mitigate unfair and inaccurate reputational damage to the banking industry.”
The letter follows a recent conversation between Keating and CFPB Director Richard Cordray during which Cordray invited suggestions for improving the reliability and accuracy of the information published.
ABA — which has strenuously objected to the bureau’s plan to disclose the consumer narratives — urged the CFPB to create specific procedures for identifying complaints that are “materially inaccurate” or not submitted in good faith. The letter also suggests the bureau: notify banks if a consumer has opted to publish a narrative; strengthen its disclaimer; prevent publication of complaints for which a bank has no responsibility; and work with the industry to provide context for the data.
Read the letter. Read about the narratives. For more information, contact ABA’s Virginia O’Neill.