WASHINGTON (9/16/15)--Opportunities exist to enhance the accuracy and completeness of the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database, according to the Federal Reserve Office of the Inspector General (OIG). The OIG’s report covers processes performed from Jan. 1, 2014 to June 30, 2014, and all complaints in the database through June 30, 2014.
According to the report, the CFPB’s Office of Consumer Response has implemented controls to monitor the accuracy of complaint data in its internal case management system, but has not established separate management controls to ensure the accuracy of data extracted from the system for use in the Consumer Complaint Database.
“We found several noticeable inaccuracies in our analysis of the 254,835 complaints in the Consumer Complaint Database as of June 30, 2014,” the report reads. “Although the number of complaints with inaccuracies that we identified was relatively small, enhancing existing controls would help ensure that as the number and types of complaints published increase, overall reliability of the data is maintained.”
The report also found that:
According to the OIG, the Office of Consumer Response has concurred with its recommendations, and has indicated it has already initiated actions to address them. It also stated that it has implemented a system change to update the process for untimely consumer responses and the related consumer disputes.
CUNA has raised concerns about the CFPB’s intent to expand the Consumer Complaint Database to include consumer narratives, but since that statement came from the bureau in March 2015, it was not included in the scope of the OIG report.