Links in “Complaints”

For over a decade consumers have been wary of identity theft and with all the technology at our fingertips today, this concern is bigger than ever. The FTC has released resources in order to combat this growing concern. [10/20/14]

As if you didn’t have enough to deal with already, the CFPB has compiled a report which highlights private student loan borrower complaints. Cordray has issued a call that lenders and servicers “redouble their efforts to deal with these distressed borrowers.” [10/17/14]

News groups submit that CFPB proposal that would require consumers to consent to public disclosure of their complaint narrative should be removed, because the complaints are already subject to disclosure under FOIA. [9/25/14]

Find out what the National Association of State Credit Union Supervisors has to say about the CFPB's proposal to expand the publicly available complaint data to include unstructured complaint narratives. Overall, NASCUS points out that potential complications and burdens may outweigh the expected benefits of the proposed change. [9/24/14]

CBA writes to CFPB outlining five reasons why adding consumer narratives to the CFPB complaint portal is a bad idea. [9/24/14]

In a letter to the CFPB, CUNA expresses concern about the reputational harm that credit unions could face as a result of permitting consumers to post narrative descriptions of their complaints that could contain “inaccuracies, exaggerations and even intentionally false information.”  In addition, CUNA points out that privacy concerns may not allow credit unions to provide the details necessary to adequately respond to a consumer’s complaint. [9/23/14]

Industry observer suspects that CFPB sees its mandate going beyond UDAAP and into "improving customer service." [9/19/14]

CUNA would like to remind credit unions that their comments on the proposed consumer complaint narratives are needed by September 22. Make your voice heard. [9/18/14]

Complaint management used to be so simple. Perhaps your institution looks back fondly on the days when complaints were usually over the phone about a billing issue. But in this day and age, customers, members, and even employees have a cornucopia of complaint outlets, such as Facebook, Yelp, the CFPB's complaint database, or even your own website. That’s why every institution needs an effective response system. Here are five key points to assist financial institutions in accomplishing this task. [9/16/14]

The CFPB is joining in with other departments to protect servicemembers, veterans, and their family members who are attending college. A signed agreement establishes the framework for sharing complaints; making fraud, deception, and misleading information known; and formalizing a student complaint system. [8/27/14]