The American Bankers Association is seeking more oversight of the Consumer Financial Protection Bureau’s customer complaint database to ensure its accuracy and completeness.
In a letter to the Office of the Inspector General, the ABA urges the federal watchdog to increase its scrutiny of the bureau.
While the OIG is currently conducting an audit of the CFPB’s database and a security review of the underlying database, the ABA has asked it to expand the scope of its audit, and investigate and review the bureau’s practices and proposals.
“We believe the audit should examine the degree to which complaint data that are published relate to a legal or regulatory violation or a bank practice or policy failure, as opposed to a more generalized expression of consumer frustration or anger,” the ABA writes.
Read the full letter here.
Written by Emily Study