CUNA has sent a joint letter with the American Bankers Association and the Consumers Bankers Association to the Consumer Financial Protection Bureau (CFPB) seeking additional information about a CFPB debt collection survey.
On June 5, the bureau initiated a request for approval under the Paperwork Reduction Act (PRA) to conduct a national web-based survey of 8,000 individuals as part of the bureau’s research on debt collection disclosures. According to the notice, the survey seeks to examine “consumer comprehension and decision making in response to debt collection disclosure forms.
“Although the Bureau has provided a draft survey instrument and supporting statements, the materials provided in its submission to the Office of Management and Budget (OMB) are incomplete,” the letter states. “The survey instrument asks respondents to answer a series of questions after reading a 'financial notice,' but the notice has not been included in the submission to OMB.”
The letter requests that CFPB make available copies of any documents or text that survey respondents will be asked to respond to in the survey and extend the comment deadline to provide the public with the full 60-day comment period afforded by the first round of the review process once the complete materials have been made available.