Changes are needed regarding how the Bureau of Consumer Financial Protection handles complaints, CUNA told the bureau in its comprehensive white paper. CUNA submitted its white paper to the bureau Monday in response to its request for information on the consumer complaint and inquiry process.
“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,” the white paper reads. “Thus, we urge the bureau to revisit the complaint intake system’s process of filtering out clearly frivolous consumer complaints.”
CUNA specifically noted that, since most credit unions are regulated by NCUA and not the bureau, complaints should be directed to NCUA, which has its own processes in place.
“The bureau’s marketing directs consumers to the bureau’s complaint system, which causes confusion and delays in response when those consumers are then redirected to the NCUA and/or the credit union directly,” the white paper reads. “The bureau should explore how it can revise its marketing to alleviate consumer confusion and reduce unnecessary correspondence among agencies, institutions, and consumers.”
CUNA also recommends the bureau: