On Tuesday, the CFPB released its third monthly consumer complaint snapshot, highlighting mortgage complaints. Click here for the full report.
The Mortgage Bankers Association has published a letter to the CFPB expressing objections to the Consumer Complaints Database and providing recommendations for improvement. To read the letter, click here.
On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that look into complaints involving a particular consumer financial product and a particular geographic location. In this month’s installment, the Bureau focused on credit reporting, as well… Read More
On March 19, 2015, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Final Policy Statement (“Policy Statement”) that expands its Consumer Complaint Database (“Database”) to allow consumers to publicly air the details of their alleged grievances with financial services providers by including consumer complaint narratives in the Database. The CFPB first proposed… Read More
Despite loud industry objections and apparent impracticalities, the Consumer Financial Protection Bureau (CFPB) has moved ahead with its plan to allow consumers submitting to its Consumer Complaint Database to go public with narrative descriptions of their complaints. On March 19, the Bureau announced the change and encouraged consumers to “lift their voices” into a potentially… Read More