CFPB Proposes to Publish Complaint Narratives against Banks, Servicers

complaintThis is really one of those ideas that has two sides with real strong pros and cons. More detailed dissemination of customer’s complaints is good for consumers and very useful when a prospective client is trying to choose who to bank with. On the other side of this question the real worry that this could turn into an online forum with exaggerated and, in some cases, false claims. If the banks are truly prohibited from a public reply  to these complaints then it is not a good or fair idea. For a more detailed look at this subject – please read the article below.

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In the wake of the financial crisis, the trust level between the banks who are seen by many as a culprit in the downturn and consumers who are, in many cases, still attempting to fully recover is tenuous at best. In the middle, you’ve got the referee: a federal government, charged with ensuring that the circumstances seen in the latter part of the previous decade do not repeat themselves.

To that end, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to allow consumers that post complaints to the option to opine on the details of their complaint made on the bureau’s public facing complaint database.

The CFPB argues that allowing consumers to expand on the circumstances surrounding their complaints allows for greater transparency in the system.

“The consumer experience shared in the narrative is the heart and soul of the complaint,” said CFPB Director Richard Cordray. “By publicly voicing their complaint, consumers can stand up for themselves and others who have experienced the same problem. There is power in their stories, and that power can be put in service to strengthen the foundation for consumers, responsible providers, and our economy as a whole.”

The banking and servicing community is, perhaps understandably, concerned.

To read the complete article – please use the link below.

CFPB Proposes to Publish Complaint Narratives

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