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Comments on CFPB Complaint Collection Due Sept. 30
Tuesday, September 6, 2016 6:55 AM

Comments on new information collection for the Consumer Financial Protection Bureau’s complaint database are due to CUNA by Sept. 14 and to the bureau by Sept. 30. The CFPB requested approval to establish a new information collection that will incorporate a short survey into the complaint closing process.

Under this collection, consumers will have the option to provide feedback on the company's response to and handling of their complaint. The results of this feedback will be shared with the financial institution or other company that responded to the complaint to inform its complaint handling.

The feedback will also be used by the CFPB in its supervision, enforcement, and rulemaking capacities.

According to the CFPB, it anticipates publication of consumer feedback to highlight positive company behavior, provide consumers with timely and understandable information about consumer financial products and services and improve the functioning, transparency and efficiency of markets for such products and services.

The CFPB has said it will publish only those feedback narratives for which opt-in consumer consent is obtained and personal information is scrubbed.