WASHINGTON (7/31/14)--The Consumer Financial Protection Bureau received a number requests for a longer comment period on its recent proposal to allow consumers to include narratives along with complaints posted to the bureau's database and the CFPB has pushed the deadline out by one month.
Comments on the proposed policy originally were due Aug. 22: The new deadline is Sept. 22, which is 60 days from the date the proposal was published in the Federal Register.
When making the proposal public, CFPB Director Richard Cordray said allowing consumers to include narratives with their financial services complaints would provide important context that better explains the significance of the consumer's complaint--beyond the current high-level category buckets, such as "transaction issue" or "advertising and marketing." Cordray said.
Under the plan, a consumer's complaint narrative would only be published with the author's informed consent, and that consent could be withdrawn at any time. Companies would be able to publish their own responses that would appear next to the complaint narrative and the CFPB has said it would take "all reasonable steps" to remove personal information from both the complaint narrative and the company's response.
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