FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, D.C. (June 4, 2018) – The request for information (RFI) process continues at the Bureau of Consumer Financial Protection (CFPB) and today Credit Union National Association (CUNA) is urging the Bureau to revisit its complaint intake system. CUNA submitted its extensive white paper to the CFPB covering this topic among other suggestions.
“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.”
While the online offering of complaints makes the process more efficient for consumers, CUNA argues that 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:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.