ABA: Small Business Complaints Fall Outside CFPB’s Jurisdiction

In a comment letter to the Consumer Financial Protection Bureau today, the American Bankers Association urged the bureau to confirm that it does not intend to test how it may collect complaints from small businesses. ABA’s comments came after the CFPB submitted a request to the Office of Management and Budget to continue testing questions for possible inclusion in its consumer response intake form, which consumers must complete when filing a complaint about a financial product or serve.

ABA pointed out that while the CFPB has the authority to collect and monitor the resolution of consumer complaints, it “has no authority to collect and monitor the resolution of complaints regarding financial products and services used by small businesses.” ABA reminded the bureau that such authority lies with the prudential bank regulators.