CFPB Gives Special Complaint Access to Government Agencies

We are all very aware of the focus the CFPB places on complaints, and the CFPB has just stepped it up a notch. The CFPB recently announced it will give local governments an opportunity for special access to its complaint data. This allows local governments access to more “granular information” and the ability to submit complaints on behalf of their constituents.

To gain access to this Government Portal, cities and counties must sign a confidentiality agreement that addresses data access and protection. Access will then allow them to:

  • See in real-time what consumers are experiencing in the financial marketplace and how companies are responding
  • Download complaints—including consumer- and company-provided documents—to investigate and enforce rules protecting consumers
  • Compare problems their constituents are facing to other localities and nationwide
  • Filter and export information to ensure targeted analysis by time period, company, geography, and more
  • Securely refer individual complaints to the CFPB
  • Receive the list of companies responding to complaints through CFPB’s process…

 

The way our industry is expected to address complaints has changed drastically since the CFPB was established. And, you’re not imagining the fact that the CFPB is trying to encourage people to complain about you. The CFPB recently reiterated why it wants people to complain:

 

The complaints we receive help inform our policy and regulatory priorities and enforcement activities. Simply put, the more complaints we receive from a broader demographic and on a broader array of issues, the better informed we are to carry out our core function of protecting consumers and ensuring a fair, transparent, and competitive financial marketplace.

 

So, the CFPB feels the information it gets through complaints is invaluable and feels others can benefit as well. The CFPB’s blog gives a list of cities/counties already participating in this Government Portal. While the CFPB believes it’s important others have access to the data, it’s important you know this is occurring and that other parties may have access to complaint data.

Published
2022/12/01

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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