CBA Thanks CFPB for Adopting Some of Its Recommendations

March 3, 2016

Washington, D.C. (March 3, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the release of a revision to the Company Portal Manual from the Consumer Financial Protection Bureau (CFPB): 

“We are pleased the CFPB heard our requests to improve the portal.  Though the portal still needs improvement, the release of revisions to the manual today signals our member banks’ feedback is not falling on deaf ears,” said CBA’s President and CEO Richard Hunt.

CBA believes the revised definition of a “duplicate” complaint will help to give a more accurate overall complaint number.  Additionally, we believe the re-categorization and additional “Administrative Response” options will better capture the institution’s commitment to their customer relationships.  And finally, we think the updated disclosure for companies that do not publically respond to complaint narratives exhibit our member banks’ commitment to their customer’s privacy. 

 

Background:

In response to feedback received from CBA member banks, the CFPB is releasing a revised Company Portal Manual to clarify and update several items today. 

  • The revised portal manual identifies the available “Administrative Response” options for use in situations when, for example, companies cannot validate a commercial relationship with the complaining consumer, they believe that the complaint was submitted by an unauthorized third party, or they identify that the complaint is a duplicate of one already received by the company and previously responded to through the portal.
  • To help companies identify and manage “duplicate” complaints, the CFPB clarified the definition of “duplicate” complaint, which is as follows: 
    • “5.4.4 Duplicate CFPB case reported: Used when you cannot take action because complaint is a duplicate of a complaint you have 1) already received from the CFPB and 2) responded to via the Portal.  A “duplicate” complaint is one submitted by or on behalf of the same consumer that that does not describe or include any new issue, instance, or information. You must provide the original complaint number with your response.”
  • The CFPB also updated the text that will display in the Consumer Complaint Database for any “No Public Response” optional company public response submitted after 3/2/2016. The description displayed in the Consumer Complaint Database will now be “Company has responded to the consumer and the CFPB and chooses not to provide a public response.”

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
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The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Maggie Seidel, mseidel@consumerbankers.com, (571) 447-0197 or visit www.consumerbankers.com.

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