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CUNA Concerned about CFPB Plans for Complaint Database
Wednesday, May 27, 2015 6:35 AM

CUNA has filed a comment letter citing several concerns related to the CFPB's request for information (RFI) on the "potential collection and sharing of consumer compliments about providers of consumer financial products and services."

The CFPB currently collects and shares some positive feedback regarding company complaint handling. Broadly speaking, the CFPB conceives of two potential options for sharing positive consumer feedback about companies:

  1. By providing more information about a company's complaint handling, and
  2. By collecting and providing consumer compliments (independent of the complaint process).         

Regarding option 1, CUNA believes there could be some value in an approach that expresses positive feedback by providing more information about a company's complaint handling. Since the database is primarily intended as a repository of consumer complaints, it is unlikely that consumers accessing the database will focus—or even review—information regarding complaint resolution. However, the CFPB could explore ways in which to modify the user interface of the database to make it more likely that consumers will access and give weight to positive feedback (i.e., complaint resolution).

Regarding option 2, CUNA does not support this potential approach, which would involve a new (additional) intake that would involve soliciting, collecting, and sharing consumer compliments. CUNA noted that as a data driven agency, CFPB's considering of such an approach would likely facilitate only anecdotal stories with no validation.