‘Normalizing’ Complaint Data Requires Safeguards: Industry
September 8, 2015
Mortgage lending industry representatives called on the CFPB to establish a range of data safeguards if the agency intends to proceed with its expressed interest in “normalizing” its consumer complaint data.For the bureau’s purposes, “normalizing” the data refers to ways in which the agency could take the raw data it receives from its consumer complaint online portal and transform it to make it meaningful and useful to the general public.In commenting on the bureau’s recently released request for information on the subject, the American Bankers Association said it generally supports the concept and objective of providing context for the data. However, it “does not believe that any normalization strategy should proceed unless and until the bureau adopts measures ...