WASHINGTON–An evaluation of the complaint system at the Bureau of Consumer Financial Protection is called for in a new white paper from CUNA.
“Even though the number of credit union-related complaints is extremely low, to ensure the complaint intake process is effective, we urge the bureau to take steps so that the number of non-substantive and meritless complaints does not increase,” the white paper reads. “Thus, we urge the bureau to revisit the complaint intake system’s process of filtering out clearly frivolous consumer complaints.”
CUNA is further requesting the Bureau reexamine its marketing of the complaint system. Since most credit unions are not regulated by the Bureau, complaints should be directed to NCUA, which has its own processes in place, CUNA said.
“The bureau’s marketing directs consumers to the bureau’s complaint system, which causes confusion and delays in response when those consumers are then redirected to the NCUA and/or the credit union directly,” the white paper reads. “The bureau should explore how it can revise its marketing to alleviate consumer confusion and reduce unnecessary correspondence among agencies, institutions, and consumers.”
Other recommendations made by CUNA to the BCFP:
- Take appropriate steps to verify the legitimacy and accuracy of a consumer’s complaint and/or compliment prior to public disclosure
- Explore improvements to the current system, which CUNA believes makes it possible that some institutions are effectively unable to respond to consumers’ narrative description of complaints due to privacy restrictions