CLLA Update CFPB Will Allow Consumers to Disclose Personal Narratives in Complaints
Sharon Edmondson, Washington Legislative Team Member | April 09, 2015
The CFPB has finalized a policy that allows consumers to share publicly their own narratives about interaction with financial services providers in filed complaints by checking a box and opting in to share their account of the dispute. Companies named in complaints will have the option to respond within 180 days after the complaint is routed to them, but only by using a selection of structured responses as a “public-facing” response. In an effort at countering the risk of reputational harm to companies, the CFPB has also published a request for information on how to highlight positive consumer experiences.
One question going forward with these changes was the impact of litigation. Comment letters by some companies and trade groups predicted more litigation, while consumer advocates said narratives would allow non-profit legal services to more efficiently use their limited resources.
View the Policy
. Download the Request for Information