WASHINGTON (9/18/14)--Comments are due by Sept. 22 on the Consumer Financial Protection Bureau's consumer complaint narrative proposal, the Credit Union National Association reminds credit unions.
The bureau's original deadline was Aug. 22, but it extended the comment period by a month in response to a number of requests.
Currently, the CFPB discloses on its public database certain complaint data it receives regarding consumer financial products and services.
The proposal would expand the disclosure to include unstructured consumer complaint narrative data. Only those narratives for which opt-in consent has been obtained, as well as application of a personal information scrubbing standard and methodology, would be subject to disclosure.
The proposed policy would supplement the CFPB's existing policy statements establishing and expanding the consumer complaint database.
CUNA has worked with the CFPB to address credit union concerns regarding the complaint database, warning that sensitive or confidential business or consumer information could be inadvertently disclosed when consumer complaints are filed in the database and has urged the bureau to minimize privacy risks and other unintended consequences. CUNA will be filing further comments with the bureau.
Use the resource link below for the full proposal.