WASHINGTON, DC (July 21, 2014) -- The National Association of Federal Credit Unions (NAFCU) today expressed strong concerns over the Consumer Financial Protection Bureau’s (CFPB) announcement to publish consumer complaints on prepaid cards and additional products.
“NAFCU reiterates its concerns surrounding the consumer complaint database and the potential for great reputational harm stemming from unverified consumer complaints,” said NAFCU Director of Regulatory Affairs Mike Coleman. “Before the CFPB chooses to expand the content of subjects included in the database or pursue its narratives proposal issued last week, it should look to ensure that proper safety controls are in place to protect credit unions and other financial institutions from unsubstantiated claims. Credit unions already have robust procedures in place to address member complaints and take great care to address their members’ complaints directly to foster an ongoing relationship.”
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.