Summary: CFPB Request for Information Regarding Consumer Complaint Info (March, 2018)

Summary: CFPB Request for Information Bureau Public Reporting Practices of Consumer Complaint Information

Consumer Financial Protection Bureau (CFPB)
Prepared by the NASCUS Legislative & Regulatory Affairs Department
March 2018

The Consumer Financial Protection Bureau (CFPB) seeks comments and information from interested parties to assist the CFPB in assessing potential changes that can be implemented to the Bureau’s public reporting practices of consumer complaint information, consistent with law, to consider whether any changes to the practices would be appropriate.

Comments are due to the Bureau by June 4, 2018.  The RFI can be found here.

Summary

An important aspect of the Bureau’s mission is hearing directly from the American public about their experiences in the consumer financial marketplace.  The Bureau is using this RFI to seek public input regarding potential changes that can be implemented its public reporting practices of consumer compliant information and to consider whether any changes to the practices would be appropriate.  All interested members of the public are encouraged to comment.  The Bureau intends to issue a separate RFI seeking public input regarding consumer inquiries and related process activities and is not seeking comment on those items at this time.

The Bureau requests that, where possible, comments address:

The usefulness of compliant reporting and analysis to external stakeholders, including but not limited to financial industry participants, government agencies, consumer advocacy and financial education groups, trade associations, academic and research organizations, and consumers; and

Specific suggestions or best practices for compliant reporting and publication given the Bureau’s statutory objectives, including the Bureau’s objective to ensure that markets for consumer financial products/services operate transparently and efficiently to facilitate access and innovation. The Bureau is seeking feedback on all aspects of its consumer complaint reporting and publication practices including a number of specific items denoted in the RFI.