Industry Reps Take Issue With CFPB Public Posting Of Mortgage Complaints, Citing Accuracy, Privacy
July 26, 2012
Mortgage lending representatives say the Consumer Financial Protection Bureau should not publish unreliable data on complaints about noncredit-card financial products that will mislead rather than inform consumers, and that it should permit more time to resolve mortgage complaints before posting such complaints publicly. We find the bureaus decision to publish details of complaints which it correctly characterizes as unverified, and therefore unreliable, to be contrary to its mission to help consumers with timely and understandable information to make responsible decisions about financial transactions and inconsistent with its proclamations to be data-driven, the American Bankers Association said in a comment letter to the CFPB. The proposed disclosure of complaints about mortgages and other financial products exacerbates...