CUNA wrote to the Consumer Financial Protection Bureau (CFPB) this week with ongoing concerns about the bureau’s consumer complaint process. The letter was submitted in response to the CFPB’s request to continue with the use of its Consumer Response Intake Form used to accept complaints about financial institutions and other companies.
While CUNA does not raise any specific issues relating to the form, CUNA continues to question the utility of the CFPB’s complaint process and its overall benefit to consumers. CUNA urged the bureau to revisit the complaint intake system’s process of filtering out frivolous complaints, noting that each complaint a credit union receives has a cost to the institution and its members, regardless of merit.
“CUNA urges the CFPB 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,” CUNA’s letter reads. “Further, under the current system, we believe it is possible that some institutions are effectively unable to respond to consumers’ narrative description of complaints due to privacy restrictions. We ask the Bureau to explore improvements to the process.”
CUNA also asked the bureau to reconsider its marketing of the complaint system to consumers.
“Since the vast majority of credit unions are not supervised by the CFPB, any complaints regarding them should be directed to the NCUA, not the CFPB,” the letter reads. “The CFPB’s marketing directs consumers to the Bureau’s complaint system, which causes confusion when those consumers are then redirected to the NCUA and/or the credit union directly.”