Cordray Urges Banks to Review Complaints in CFPB Database

Consumer Financial Protection Bureau Director Richard Cordray today said he “urged” all bankers to review and analyze complaints in the CFPB’s public database — not only “the feedback you receive directly from your own customers, but also…complaints made about others in the same markets.” He said that he considered these reviews “an important part of sound compliance management.”

In his remarks to an industry conference in Boston, Cordray acknowledged that banks have their own mechanisms to address complaints from customers, but added that “there is much to be learned from the complaints consumers raise about your industry, even if the complaints are not directed to you specifically.”

A periodic summary of complaints also released today by the bureau showed that debt collection, credit reporting and mortgages continued to dominate the complaints, together accounting for 63 percent of complaints received in October and 68 percent of the 1 million complaints received to date.