CBA Statement on the CFPB’s Publishing of Complaint Narratives

June 25, 2015

 

Washington, D.C. - Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) publishing of unverified complaint narratives:

“We are pleased the CFPB agrees with us on the need to normalize the complaint data and is seeking comment on the best approaches. This is a step in the right direction.  However, we are profoundly disappointed the Bureau is releasing the public narratives. In my opinion, the vast majority of banks will choose not to respond publicly, but will continue the long held tradition of speaking with their customers in confidence.  Publishing unverified one-sided narratives does not benefit consumers. The CFPB prides itself on being a data-driven agency, but today’s action is simply a public shaming of banks,” said CBA’s President and CEO Richard Hunt.

BACKGROUND

CBA Comment Letter RE Complaint Narratives
Richard Hunt's, CBA President and CEO, Complaint Portal Op-Ed
CBA ABA OIG Letter RE Complaint Portal Privacy

About CBA
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.