CUNA 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.
“Even though the number of credit union-related complaints is extremely low, to ensure the complaint intake process is effective, we urge the Bureau to take steps so that the number of non-substantive and meritless complaints does not increase,” CUNA’s white paper reads. “Thus, we urge the Bureau to revisit the complaint intake system’s process of filtering out clearly frivolous consumer complaints.”
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.
“It is important that the Bureau be aware that each complaint a credit union receives—regardless of merit—has a cost to the credit union and in turn its members,” the letter reads.
CUNA also urged the bureau to:
CUNA’s complete white paper on common-sense reforms to the bureau can be found here.