Industry Calls for More Oversight Of CFPB Complaint Database
January 26, 2015
Representatives of the banking industry recently urged the CFPB’s Office of Inspector General to increase its scrutiny of the bureau’s customer complaint database. The OIG is currently auditing the bureau’s public database and performing a security review of the underlying database, but the American Bankers Association has some specific ideas about what the watchdog should be doing in this regard.One of the key considerations at issue, from the ABA’s point of view, is the effectiveness of the CFPB’s controls over the accuracy and completeness of the public complaint database. “[I]f the bureau lacks adequate controls to ensure the accuracy of complaint data, instead of fostering informed and responsible consumer choice, the bureau becomes an official purveyor of unsubstantiated, and ...