National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Andrew Morris sent a letter to the Bureau of Consumer Financial Protection (BCFP) noting credit unions have a paramount interest in resolving member issues and requested the agency remove its subjective Consumer Complaint Database from its website. The letter is in response to the Bureau’s request for information (RFI) on processes related to collecting and responding to consumer complaints and inquiries.
"NAFCU believes that the Bureau should not publish consumer complaint narratives on its website, or in any other format. NAFCU also recommends that the Bureau encourage consumers to first contact their financial institution directly before submitting a complaint through the Bureau’s website,” said NAFCU’s Regulatory Affairs Counsel Andrew Morris.
In the letter, Morris listed several other recommendations for how the Bureau can improve its complaint-routing procedures to assist consumers. Among those suggestions, he asked that the bureau "officially define a consumer inquiry and require consumers to classify their submission as a complaint or inquiry prior to submission." Other recommendations include:
- Removing the Consumer Complaint Database from the Bureau’s website or, at the very least, removing consumer complaint narratives;
- Ensuring companies receive consumer inquiries and complaints in a timely fashion but not requiring responses on a set timeline; and
- Not publishing consumer inquiries but continue publishing responses to frequently asked consumer questions about financial protects.