Last Chance: CFPB will soon end consumer complaint response feedback

Final ask for info on consumer complaints and inquiries

The Consumer Financial Protection Bureau issued its 12th and final request for information by asking about its handling of consumer complaints and inquiries.

The bureau is asking for assistance in assessing its handling of consumer complaints and consumer inquiries and, consistent with law, considering whether changes to its processes would be appropriate. To date the bureau has received 1.5 million consumer complaints.

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on April 16, 2018. The request will then be open for comment for 90 days.

This is the 12th and final request in a series of RFIs announced as part of CFPB Acting Director Mick Mulvaney’s call for evidence to ensure the bureau is “fulfilling its proper and appropriate functions to best protect consumers.

These requests for information will, “provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.”

The bureau previously requested information on its consumer financial education, its guidance and implementation supportadopted regulations and new rulemaking authorities, its rulemaking process, the usefulness of its consumer complaint database, its supervision process, its enforcement process, its administrative adjudications and its civil investigative demands.

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