CFPB Receives Complaints from Lenders on Consumer Complaint Submission Process
March 12, 2015
Industry participants continue to call for changes to how the Consumer Financial Protection Bureau operates its consumer complaint database. A proposal in December to renew the CFPB’s Consumer Response Intake Form drew criticism from the Mortgage Bankers Association and others. “CFPB and industry data both show that a small fraction of consumer complaints warrant any action beyond an explanation,” Stephen O’Connor, a senior vice president of public policy and industry relations at the MBA, said in a comment letter to the CFPB. The Office of Management and Budget approved...