Yesterday, the Consumer Financial Protection Bureau issued a Request for Information (RFI) on its consumer complaint database and handling of consumer complaints submitted to it:
The Bureau is seeking comments and information from interested parties to assist the Bureau 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. This is the 12th in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.
Mick Mulvaney looking for ways to "improve" the database concerns me.
Before Mulvaney stepped in, the CFPB had recovered $12 billion in relief for nearly 30 million consumers, from banks, debt collectors and student loan providers engaged in improper business practices. The database played an important role, helping the CFPB to identify fraudulent practices and patterns.
Hard to imagine any good coming of Mulvaney setting his sights on the database.
The RFI and instructions on how to submit a comment are available here.
