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Statement of Richard Hunt, President and CEO, Consumer Bankers Association, in Response to the Consumer Financial Protection Bureau Expansion of “Not Verified” Federal Consumer Financial Complaint Data
Jean Marie Bunton
Washington, D.C. (March 26, 2013) – CBA supports the CFPB’s efforts to educate consumers to make financial decisions. Unfortunately, today the CFPB took a serious step in the wrong direction by releasing tens of thousands of “not verified” complaints and encouraging the public to do its own homework.
This approach is unnecessary, misleading and ultimately harmful to consumers. A better service to consumers would have allowed for collaboration between the CFPB and financial institutions to determine if a complaint is indeed valid, prior to publication.
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.