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CBA Applauds Mulvaney Comments on Complaints Database
WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Mick Mulvaney, in his capacity as the Acting Director of the Bureau of Consumer Financial Protection, indicated he would end the practice of publishing unverified complaints online:
"We fully support the Bureau fulfilling its important, Congressionally-mandated mission. Compiling complaints is part of that, but publishing unverified complaints - or worse using those complaints to paint a picture of guilt in the public domain - is irresponsible. It is also inaccurate, as the Bureau's own report to Congress stated more than 90 percent of those complaints were addressed by financial institutions.
"Acting Director Mulvaney is right the government should not run a 'Yelp' for every American's financial life."
The Bureau last month issued a request for information on "assessing potential changes that can be implemented to the Bureau’s public reporting practices of consumer complaint information, consistent with law, to consider whether any changes to the practices would be appropriate." CBA will submit comments to this and the other RFIs issued by the Bureau.