CUNA shared concerns about the Consumer Financial Protection Bureau’s (CFPB) management of its consumer complaint database in a letter to the bureau sent Wednesday. CUNA responded to a CFPB request for renewal of its Consumer Response Company Response Survey, which is designed to collect additional consumer feedback at the end of the consumer complaint process.
“CUNA also urges the CFPB – as we have for several years – to take appropriate steps to verify the legitimacy and accuracy of a consumer’s complaint and/or compliment prior to any public disclosure, publication, or evidentiary use in the supervisory or rulemaking process,” the letter reads.
CUNA also recommended the CFPB conduct a robust analysis of the potential cost and benefits associated with continuing the Company Response Survey.
“We do not discount the value of consumers having a mechanism to share their experiences with service providers,” the letter reads. “However, it is critical that the mechanism be designed to ensure feedback is accurate and provides relevant information that can be used by the company seeking to improve its management of complaints going forward.”