06 Jul CFPB Balances Complaints with Compliments
In these past tumultuous years, the Consumer Finance Protection Bureau (CFPB) rocked the mortgage world with new regulations, stringent enforcement and stiff penalties for non-compliance. It also provided a virtual whipping post via an online portal where disgruntled consumers could vent their complaints but not their praise. That is, until now.
This past March, at the urging of major stakeholders such as ACA International, the CFPB released a Notice and Request For Information (RFI) seeking input from the public to expand its consumer portal beyond a complaint database to one that includes compliments. Consumers now have the opportunity to share positive experiences, providing the mortgage industry with a more well-rounded perspective of the consumer financial marketplace. Think Yelp.
The database does not reveal a consumer’s personal identification information nor does it validate consumer complaints or compliments. Although it may not be perfect, the portal’s new structure does provide the public and the financial community with a tool that reflects greater balance and fairness.