Category: Policy & Compliance

We’ve extended the comment period for our complaint narrative policy

Last week, we proposed a policy to give consumers the option to share the stories behind their complaints in our public Consumer Complaint Database.

Comments to our proposed policy were originally due on August 22, 2014. Based on feedback and requests we’ve received, we’ve decided to provide additional time to comment on the policy. Comments are now due on September 22, 2014, 60 days from the date the proposed policy was published in the Federal Register.

Under our proposal, we would only publish a consumer’s complaint narrative if the consumer gave us their informed consent to do so, which they could withdraw at any time. Companies would be able to publish their own response that would appear next to the complaint narrative and we would take all reasonable steps to remove personal information from both the complaint narrative and the company’s response.

The proposed addition of narratives to the database is a continuation of our efforts to put the voice of the consumer more directly and centrally into the everyday processes of financial institutions throughout this country, and reflects existing practices at other government agencies.

Check out the proposed policy to learn more.

Due to technical issues, the commenting feature of our blog is temporarily unavailable. We’re working to bring this functionality back, and look forward to hearing your feedback and comments about the CFPB’s work soon.