The National Association of Federal Credit Unions still thinks the Consumer Financial Protection Bureau’s consumer complaint narrative database is a problem, and they’re letting the agency know about it.
NAFCU Regulatory Affairs Counsel Kavitha Subramanian sent a letter the bureau saying the database undermines the ability of businesses to resolve problems.
"Credit unions have a strong track record of working closely with their members to resolve any disputes or concerns...Given the credit union industry’s acute attention to complaint resolution, NAFCU and our members support the Consumer Financial Protection Bureau’s (CFPB) efforts to facilitate a dispute resolution process; however, the Database continues to have practical implications that undermine the complaint resolution process," says Subramanian.
"NAFCU and our members strongly believe that the Bureau must first address the reputation and privacy risks posed by the existing Database prior to adding additional functionality tools, such as data normalization," Subramanian says. "Through the current system, there remain serious concerns that personal information may be inadvertently released jeopardizing an individual’s secure financial information."
NAFCU is urging the CFPB to carefully review and implement the Office of Inspector General’s July 2015 report to ensure the proper security policies and procedures are in place.