Links in “Complaints”

The backlash is building against the CFPB’s proposal to allow consumers to post complaint narratives on its public database website.  The credit union trade associations in conjunction with the Financial Services Roundtable is kicking off a campaign to oppose the proposal over concerns about reputation risk issues. [8/20/14]

Although neither the FDIC or NCUA back virtual currencies like Bitcoin, the CFPB is adding them to the complaint database. They warn consumers about the risks of virtual currency, but worry that "the hype surrounding virtual currencies...[is] in an effort to lure consumers to spend money, which is then stolen." [8/12/14]

In an age when a customer complaint can easily slip into an unfair, deceptive or abusive act or practice (UDAAP) with the flick of an examiner's wrist, your ability to effectively track and manage complaints is paramount. [8/7/14]

Responding to industry complaints that a 30-day comment period on the proposal to add consumer complaint narratives to its complaint database, the CFPB has granted a deadline extension to 9/22/14. [7/31/14]

The 30-day comment period on the CFPB's proposal to include complaint narratives in its Consumer Complaint Database is not enough, say five industry trade groups in a letter to the CFPB. They've asked for at least 90 days to comment. The 30-day comment period is scheduled to close Aug. 22. [7/24/14]

Here it is, your chance to be heard. The CFPB has opened a 30-day comment period regarding consumer complaint narrative data. [7/23/14]

The CFPB's proposal to invite consumer complaint narratives in its public database would subject financial institutions to reputational risk. Unlike the popular rating app Yelp, the database will not include favorable consumer experiences. [7/23/14]

CFPB's complaint database is rapidly expanding to include prepaid cards, debt settlement services, credit repair services and pawn and title loans. [7/22/14]

A CFPB field hearing in Texas provides further insight into the CFPB's rationale for wanting to give consumers the option of including a complaint narrative, which would be public. CFPB Director Cordray said he hopes the public narratives encourages more consumers to make complaints by offering them a "megaphone" to tell their stories. [7/21/14]

Because of their obligation to maintain confidentiality of their customers, banks would not be able to offer a full response to narrative consumer complaints proposed by the CFPB. [7/18/14]