The Consumer Financial Protection Bureau’s proposed addition to its consumer complaint database would further erode consumer privacy and foster the spread of unverified information, the American Bankers Association and the Consumer Bankers Association told the agency on Friday. The groups criticized the CFPB’s proposal to replace the function of the database that allows a customer to dispute the company’s response to the complaint with a “short survey” — and option to provide a narrative — that would allow the customer to provide feedback on the company’s handling of the complaint.
The associations said that the subjective rating system and narrative option will result in the publication of additional unverified information, furthering the dissemination of unreliable and potentially false information into the market. The associations urged the bureau to delay further modifications to the database until it has conducted a review of the usefulness of the database to consumers. For more information, contact ABA’s Jonathan Thessin.