The U.S. Department of the Treasury is looking to create a new complaint database to collect, respond to, and refer consumer inquires and complaints concerning consumer financial products and services.
According to the proposal, the database would house details about complaints and inquiries made to the Consumer Financial Protection Bureau (CFPB) implementation team, as well as complaints to the prudential banking regulators and Federal Trade Commission that have been referred to the team. The system would be effective February 9, 2011, months before July 21, 2011, the “designated transfer date.”
Records in the database would include information received from or made by complainants, consumers, or other individuals or entities, identifiable information regarding the entities involved in the complaint, third party advocates who submit complaints, and more.
The data will be used to respond to or refer complaints or inquiries; to inform other functions of the CFPB Implementation Team and, as appropriate, other agencies and/or the public; and to prepare reports as required by law.
Comments on the proposed database are being accepted until Feb. 9, 2011, when the new system is scheduled to take effect.
