CFPB proposes new consumer complaint portal feature

The CFPB published a notice and request for comment in the Federal Register regarding new information to be collected during the consumer complaint process via the CFPB consumer complaint portal.

More specifically, the Bureau intends to incorporate a short consumer survey into the complaint closing process that will give consumers the option to provide feedback on the company’s response to and handling of their complaint. Consumers will be able to rate the company’s response to and handling of their complaint on a one to five scale and provide a narrative description in support of the rating.

This new consumer feedback option will replace the ‘‘dispute’’ option and allow consumers to offer both positive and negative feedback on their complaint experience. The Bureau notes that it anticipates that publishing consumer feedback will “highlight positive company behavior, provide consumers with timely and understandable information about consumer financial products and services, and improve the functioning, transparency, and efficiency of markets for such products and services.”

Written comments must be received on or before September 30, 2016.

Tags: CFPB Rulemaking, Consumer Complaints

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