WASHINGTON (3/20/15)--A final policy from the Consumer Financial Protection Bureau (CFPB) will allow consumers to make their complaints against financial companies public, but could lead to harmful inaccuracies, CUNA believes.
The proposal, which was made final Thursday, sparked numerous concerns from CUNA when it was issued in June 2014, particularly that the complaint database could feature false, exaggerated or inaccurate information.
According to the CFPB, a number of requirements have been put in place to allow for a "clear, fair and transparent" process. These include:
CUNA's objections to the proposal stemmed from concerns that financial institutions could face "severe reputational harm" by potentially inaccurate information.
According to the CFPB, complaints are listed in the database only after the company responds to the complaint or after it has had the complaint for 15 days, whichever comes first. The bureau will disclose the consumer narrative when the company provides its public-facing response, or after the company has had the complaint for 60 calendar days, whichever comes first.
The bureau also announced Thursday that it is seeking input from the public regarding the potential collection and sharing of information about consumers' positive interactions with financial services providers.