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Recommendations regarding complaint handling by the CFPB

Americans for Financial Reform Memo to the Treasury Department On a Framework for Consumer Complaint Handling at the Consumer Financial Protection Bureau

September 3 2010

Summary of Recommendations:

1) Transparency: public database of complaints redacting personal information of consumers.
2) Handling of complaints:

A) Actual attempts to resolve complaints, including CFPB recommended resolutions.

B) Clear timelines for resolution.

C) Quality standards for customer usability and satisfaction.

D) Consequences for providers who fail to resolve justified complaints.

3) Use in rulemaking, supervision and enforcement by CFPB and other agencies.
4) Ease of use for individuals.
5) Effective and diverse outreach about where and how to file complaints.
6) Active performance monitoring to specific performance statistics.

A) Complaint trend information gathered and shared with other regulators frequently.