CFPB Says Considering If Complaint Process Should Be Changed
The Consumer Financial Protection Bureau has previously announced that it will be seeking feedback on the Bureau’s handling of consumer complaints and inquiries. Acting Director Mick Mulvaney has recently added that the CFPB seeks this feedback to ensure that the agency is fulfilling the “proper and appropriate functions” for which the agency was created in 2011.
How the agency has dealt with complaints has been debated since inception. Bank industry groups have argued that making complaints public could allow frivolous complaints to damage the reputation of innocent brands. On the other hand, the consumer advocacy groups pushed for public complaints to warn consumers.