NAFCU to BCFP: Credit unions have paramount interest in resolving member issues
NAFCU issues response to Bureau’s RFI on Consumer Complaints and Inquiries
WASHINGTON, DC (July 17, 2018) — 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.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.