ARLINGTON, Va.—Credit unions have a "paramount interest" in resolving their members’ issues, the BCFP was informed this week.
NAFCU Regulatory Affairs Counsel Andrew Morris shared that information with the Bureau, offering ways the agency could improve its consumer complaint processes.
Morris wrote the Bureau in response to its request for information (RFI) on processes related to collecting and responding to consumer complaints and inquiries. First and foremost, Morris pointed out, are concerns about the reputational risks involved with the bureau's current reporting practices – especially the publication of consumer complaints on the Bureau's website.
No Need to Publish
"NAFCU believes that the Bureau should not publish consumer complaint narratives on its website, or in any other format," Morris wrote. "NAFCU also recommends that the Bureau encourage consumers to first contact their financial institution directly before submitting a complaint through the Bureau’s website."
Morris listed several other recommendations for how the Bureau can improve its complaint-routing procedures to assist consumers. Among those suggestions, he asked that the Bureau "officially define a consumer inquiry and require consumers to classify their submission as a complaint or inquiry prior to submission."
Other Recommendations
Other recommendations include:
- Removing the Consumer Complaint Database from the Bureau’s website or, at the very least, removing consumer complaint narratives
- Ensuring companies receive consumer inquiries and complaints in a timely fashion but not requiring responses on a set timeline
- Not publishing consumer inquiries but continue publishing responses to frequently asked consumer questions about financial protects.