The Consumer Financial Protection Bureau (CFPB) is considering making various changes to the agency’s complaint system and is seeking stakeholder feedback. Early comments submitted by consumer advocates and the consumer data industry indicate this move could become a source of contention moving forward.
Specifically, the bureau has asked for comments regarding its Consumer Response Intake Form, which was designed to help consumers submit complaints, inquiries and feedback via the CFPB’s website, by mail or over the phone.
These submissions are intended to be used by the bureau to help it fulfill its statutory requirements, according to a notice and request for comment published in the Federal Register.
The form includes questions prompting respondents to describe key facts about the complaint at issue, the desired resolution, contact and account information, information about the company they are complaining about and previous actions taken to attempt to resolve the complaint.
The CFPB wrote that its purpose for soliciting stakeholder comments is to determine:
- “Whether the collection of information is necessary for the proper performance of the functions of the CFPB, including whether the information will have practical utility;
- “The accuracy of the CFPB's estimate of the burden of the collection of information, including the validity of the methods and the assumptions used;
- “Ways to enhance the quality, utility, and clarity of the information to be collected; and
- “Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments submitted in response to this notice will be reviewed by OMB (Office of Management and Budget) as part of its review of this request. All comments will become a matter of public record.”
The CFPB plans to accept comments through March 2, according to the notice.
The Consumer Data Industry Association (CDIA) and the National Consumer Law Center (NCLC) were among the first organizations to respond to the bureau. The CDIA noted its support for overhauling the complaint database and intake system while the NCLC has framed the move as the bureau bowing to pressure from the three largest credit bureaus.
Dodd Frank Update will provide more in-depth coverage of this matter as it unfolds.