The Consumer Financial Protection Bureau issued yet another call for public commentary on its practices — this time about its controversial complaint report database.
Starting March 7, any interested parties can tell the CFPB what they think about the database, which allows consumers to report issues with mortgage lenders, credit card companies, and other financial service providers.
Proponents of the current system say the database keeps the companies accountable, while many in the industry have expressed concerns with the government running a forum for unverified claims from dissatisfied consumers.
In the official request for information (RFI) published in the Federal Register, the CFPB specifically asks for public commentary on the efficacy of the database and the bureau’s reports on complaint trends. Under federal law, the CFPB must release an analysis of its received complaints twice per year, and under former director Richard Cordray, the bureau took the additional step of releasing monthly complaint reports — as well as occasional special analyses of data.
For instance, last June, the CFPB compiled a state-by-state analysis of complaints from older borrowers, revealing that California has led the nation in reported issues from Americans aged 62 and older since the bureau began collecting the information in 2011.
The CFPB’s request for input on consumer complaints marks the sixth such call for commentary since acting director Mick Mulvaney announced a wide-ranging review of the bureau’s regulatory power.
Read the full request for information, along with details on how to submit your own thoughts, in the Federal Register.
Written by Alex Spanko