Congress to consider changes to controversial CFPB complaint database

Specifically, per the legislation text, Salmon’s bill would require the CFPB to "verify any consumer complaint information.where the complaint alleges a violation of a law, regulation, or.

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Just hours after CFPB Director Richard Cordray delivered a presentation to AFSA members, the Senate repealed the agency’s arbitration rule in a 51-50 vote.

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The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017. (In 2016, the CFPB received approximately 291,400 complaints.) The report provides data on the most common types of complaints for each product and the handling of complaints.

But that could be about to change, thanks to a new bill that Congress is set to consider soon. The new bill, entitled the CFPB Data Accountability Act, was introduced into the House of Representatives last week by Rep. Matt Salmon, R-AZ, who said that the CFPB’s database, in its current format, is confusing to consumers and is not as usable.

Publishing to the public requires approval. Each week we send thousands of consumers’ complaints about financial products and services to companies for response. Complaints are listed in the database after the company responds or after they’ve had the complaint for 15 calendar days, whichever comes first.

A. Complaint System In its proposed complaint data Disclosure Policy Statement, the Bureau generally described how the Office of Consumer Response ("Consumer Response") accepts and processes consumer complaints (collectively the "Complaint System").

Congress To Consider Changes To Controversial CFPB Compliant Database June 15, 2016 When the Consumer financial protection bureau began publishing consumers‘ complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven.

Just yesterday, Mulvaney told the American Bankers Association’s conference that he’s considering putting an end to the public’s access to the CFPB’s controversial consumer complaint database..

In the third example, Cordray states that inaccurate information – in this case, a complaint filed under the wrong name – is unimportant because the database doesn’t publish the consumer’s name. A critical point of the story is that CFPB officials rely not just on the public portions of the database, but on other parts as well.