CFPB Outlines Plans to Share Complaint Data with State-Level Agencies
December 12, 2012
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WASHINGTON, D.C. — If an individual reports a complaint
about a dealer or auto finance company to the Consumer Financial Protection
Bureau, data about the grievance likely will end up with state regulatory
A top CFPB official on Tuesday discussed how the federal agency is ramping up its efforts to coordinate regulatory measures with state-level departments. The CFPB intends to share complaint data about credit cards, mortgages, student loans, checking accounts, savings accounts, credit reporting, bank services and other consumer loans that can include vehicle contracts.
Scott Pluta, the assistant director for the Office of Consumer Response at the Consumer Financial Protection Bureau, wrote on the agency's blog: "This way, multiple government agencies can work on the consumer's behalf without them having to file complaints with multiple agencies at different levels of government.
"By providing real-time access to our growing database of consumer complaints, state government agencies will have a more complete picture of the markets for consumer financial product or services and be able to help more consumers in their state," Pluta continued.
The CFPB official explained the agency will start by sharing consumer complaints via a secure channel aimed at protecting the confidentiality of personally identifiable information.
In the future, the agency is planning on building ways to accept complaints and information from state officials as well, and to make the data available to other federal agencies, state attorneys general, local agencies, congressional offices as appropriate, and other governmental organizations such as the California Monitor (a program of the California Attorney General) and the Office of Mortgage Settlement Oversight.
Pluta reiterated CFPB procedures when a complaint arrives.
"We screen it to make sure that it's complete and not a duplicate of another complaint we're already working on for that consumer," Pluta said. "Next, we send it to the company in question and ask them to reply to the complaint within 15 days and expect them to close all but the most complicated complaints within 60 days. After the company responds, we publish a selection of the data (with information identifying the consumer removed) in our public complaint database.
"The team that works on consumer complaints also works closely with other parts of the bureau including our Division of Supervision, Enforcement, and Fair Lending and Equal Opportunity to address any potential violations of consumer law," he went on to say.
Pluta wrapped up his blog post by emphasizing how the CFPB is ordered to guard consumers.
"Our goal in sharing consumer complaints with state agencies is to enhance efficient, transparent and effective government to better protect American consumers," Pluta said. "This new capability is yet another example of the good government principles of cooperation and coordination in action. We look forward to continuing to deepen the already strong relationship we have with our partners."
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