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CUNA White Paper Urges Bureau Changes to Complaint System
Tuesday, June 5, 2018 6:50 AM

Credit Union National Association urged the Bureau of Consumer Financial Protection to revisit its complaint intake system’s processes Monday in response to a bureau request for information on its public reporting practices of consumer complaint information.

CUNA submitted its comprehensive white paper to the CFPB, which covers this topic, among others. CUNA noted that the bureau solicits complaints via its website, and while this makes the process more efficient for consumers, it has the potential of increasing unfounded complaints.

CUNA also urged the bureau to:

  • Take appropriate steps to verify the legitimacy and accuracy, to the extent possible, of a consumer’s complaint and/or compliment prior to public disclosure;
  • Explore improvements to the current system which could make some institutions effectively unable to respond to a narrative description of a complaint due to privacy restrictions;
  • Reexamine its marketing of the complaint system to consumers. Since most credit unions are not supervised by the bureau, any complaints regarding them should be directed to the NCUA. The bureau’s marketing directs consumers to the bureau’s complaint system, which causes confusion and delays in response when those consumers are then redirected to the NCUA and/or the credit union directly.

View CUNA’s white paper on common-sense reforms.