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.”
Browsing: Consumer complaints
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, ABA and the Consumer Bankers Association told the agency on Friday.
The CFPB today announced plans to change the “dispute” function in its consumer complaint database to allow complainants to take a short survey on the company’s response to their complaints.
The CFPB announced today that it is now accepting consumer complaints about loans from online marketplace lenders.
Despite its insistence that it is a “data-driven agency,” the Consumer Financial Protection Bureau has repeatedly failed to live up to appropriate data collection standards, said ABA EVP Wayne Abernathy in testimony before the House Financial Services Subcommittee on Oversight and Investigations today.
The inspector general for the Consumer Financial Protection Bureau issued a report today spotlighting inaccuracies and process weaknesses in the CFPB’s consumer complaint database.
Any efforts made by the Consumer Financial Protection Bureau to “normalize” data in its consumer complaints database — that is, weighting it to account for differences that may distort interpretations of the raw data — would be fruitless to consumers without efforts to ensure the accuracy and integrity of complaint information, ABA said in a
The CFPB today issued the first in a series of new monthly reports on consumer complaints. The report covers complaint volume by product, state and company, and this first report includes a product spotlight on debt collection and a special geographically focused section on complaints in Milwaukee, where the CFPB held a recent field hearing.
The Consumer Financial Protection Bureau today published the first 7,700 consumer narratives that consumers had opted to have accompany their complaints in the CFPB’s public database. More than half of consumers submitting complaints since narratives were added in March have opted to share their narratives.
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.”