CFPB’s complaint box
January 31, 2011 | CFPB, CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB | Comments (0)The American Banker describes how it will work:
The database would store details about consumer complaints and inquiries made to the bureau’s implementation team—creating a repository for banking regulators and the FTC. There’s a lot of consumer angst to catalogue. For example, analysts say the FTC alone received more than 9,000 formal complaints about banks in 2009.
Once stored in the database, complaints can be mined by regulators for trends or signs that a bank has engaged in noncompliant, dangerous or otherwise suspect lending or business practices. “Regulators will have access and can do searches on subjects or on specific institutions to find information to support actions or enforcements,” says Mercedes Tunstall, counsel at Ballard Spahr.
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