- CBA on
- CBA Media
- COVID-19 Hub
CBA Statement on CFPB Policy to Publish Unverified Complaint Narratives
Richard Hunt, President and CEO of the Consumer Bankers Association, released the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) decision to publish unverified complaint narratives from unidentified consumers:
“While we support the Bureau’s collection of complaint data to identify trends and understand consumer concerns, we are disappointed by today’s decision. The CFPB has the ability to demonstrate trends, allow for an appeals process, and normalize data—much like other regulators. Puzzlingly, they choose not to use any of these illuminating mechanisms. Today’s action does not reflect the principles of accountability, transparency, and data-driven decision making which the Bureau professes guides its work. This agency can do better,” said CBA’s President and CEO Richard Hunt.
Founded in 1919, 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 well over half 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.