Google+
  • Ocwen3.91+0.05 +1.30%
  • Zillow41.22+0.03 +0.07%
  • Trulia4.01+0.33 +8.97%
  • NationStar20.05+0.34 +1.73%
  • CoreLogic48.96+0.37 +0.76%
  • RE/MAX66.90-0.05 -0.07%
  • Fannie Mae3.07+0.00 +0.00%
  • Freddie Mac3.00+0.01 +0.33%
  • Wells Fargo54.75+1.00 +1.86%
  • CitiMortgage73.445+0.565 +0.775%
  • Bank of America27.07+0.49 +1.84%
  • Fidelity National Financial35.725+0.135 +0.379%
  • First American50.59-0.06 -0.12%
  • Black Knight Financial Services43.05-0.55 -1.26%
  • AUDUSD=X0.7817-0.0060 -0.7605%
  • USDJPY=X113.4890+0.9320 +0.8280%
Home | Daily Dose | What Changes Are Coming to the CFPB’s Consumer Complaint Database?
Print This Post Print This Post

What Changes Are Coming to the CFPB’s Consumer Complaint Database?

Computer-monitorThe Consumer Financial Protection Bureau (CFPB)’s Consumer Complaint Database has generated much controversy since June when it began publishing narratives of complaints from consumers. So much so that CFPB Director Richard Cordray issued a rare public response to the criticisms in late November.

This week, the CFPB’s Ombudsman Office issued its annual report for FY 2015 to Cordray outlining potential changes to the database. One of the items mentioned was a need for the normalization of data presented.

“In our FY2014 Annual Report, we highlighted the concern from industry groups about the need for normalization of data in the public Consumer Complaint Database to provide context to the data and continued to hear this and related concerns in FY2015,” the Ombudsman stated. “This year, we provided feedback and suggestions to the CFPB regarding normalization of the data.

On July 1, a week after the complaint narratives were published for the first time, the CFPB issued a request for information regarding the database. The Bureau published the request for information to determine whether there are ways to help the public more easily understand the information presented in the database and how consumers can compare the information the database contains. Comments were due on August 31, 2015; the Ombudsman’s Office noted in the report that it “looks forward to the Bureau’s review of the public submissions.”

Issues regarding duplicate complaints and third-party consumer complaint submissions were also addressed in the Ombudsman’s report. The Ombudsman’s office stated in the report that it found out through individual inquiries that resulting complaints submitted by third parties on behalf of multiple consumers may contain inconsistent information when they are published.

“As a result, the company that is the subject of the complaint may not recognize the consumer and/or the consumer may not be able to access the complaint. We highlighted this concern to the CFPB,” the report said. “As of this writing, we understand that the agency is beginning to address this issue and plans to update the form and instructions to address it further.”

Also according to the Ombudsman’s report, the CFPB and companies are working together to prevent duplicate complaints from being published in the database and that in recent months the companies are taking more of a role in identifying duplicate complaints. The Ombudsman recommended that Consumer Response share an expanded definition of “duplicate complaint” on the Consumer Complaint Database website to include complaints that are from “the same person, same transaction, and same issue” and not just complaints that are simply verbatim copies of previous complaints. The purpose of expanding the definition of “duplicate complaint” is so database users can adjust their calculations and analyses accordingly, according to the report.

The CFPB launched its Consumer Complaint Database in 2012, a year after the Bureau opened its doors, as a way to help consumers make informed and responsible decisions about financial transactions, and to ensure the transparent and efficient operations of markets for consumer financial products. In June 2015, the Bureau began publishing consumers' narratives of complaints; some analysts and stakeholders in financial markets say that since the CFPB does not verify the allegations made in the complaints, in some cases the Bureau may just be offering up the biased opinions of disgruntled individuals for everyone to see.

12-4 BK CFPB GraphIn late August, the National Association of Federal Credit Unions (NAFCU) aired its grievances with the database via a letter to the Bureau. In that letter, Kavitha Subramanian, Regulatory Affairs Counsel for NAFCU, wrote that his organization was “deeply concerned about the existing reputational and consumer privacy issues” presented by the current database. Subramanian said that the industry noted “a number” out of the 8,000 complaint narratives published in June for which personal information was not properly scrubbed. He also asserted in the letter that harmful reputational risks to financial institutions exist because there is no mechanism to validate a consumer's comments in the database.

Cordray, who seldom responds publicly to criticism of the Bureau, fired back at a report published in American Banker in late November titled “Errors About in CFPB’s Complaint Portal.” He responded via a letter to that publication’s editor on November 30.

The CFPB's Office of the Inspector General (OIG) in September released the results of an audit in which it analyzed more than a quarter of a million complaints in the Bureau's database and found "several noticeable inaccuracies." While the OIG said the number of complaints with inaccuracies it found was relatively small, "enhancing existing controls would help ensure that as the number and types of complaints published increase, overall reliability of the data is maintained."

In order to provide more context and insight to the complaints received, The Five Star Institute and Black Knight Financial Services released a report titled Analysis and Study of CFPB Consumer Complaint Data Related to Mortgage Servicing Activities in April. In the report, Black Knight and Five Star compared the Bureau's two predominant mortgage complaint categories—servicing and default—with loan trends, and also included publicly available data from both the CFPB and mortgage servicers as reported from the CFPB database.

Click here to view the CFPB Ombudsman’s complete report.

Editor's note: The Five Star Institute is the parent company of DS News and DSNews.com.

About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

256 comments

  1. Pingback: What Changes Are Coming to the CFPB’s Consumer Complaint Database? - Appraisal Buzz

  2. Pingback: Levy San Diego Homes | What Changes Are Coming to the CFPB’s Consumer Complaint Database?

  3. Pingback: What Changes Are Coming to the CFPB’s Consumer Complaint Database? - Brokers TitleBrokers Title

  4. Pingback: Database built at Michigan State Univ. tracks criminal by their tattoos | Money Absolute

  5. Pingback: Latest What Is Database News

  6. Pingback: Complaint Letter For Atm Transaction | atmlocator

  7. Pingback: do my academic paper

  8. Pingback: xmt85c4wx5ctwxw3tcerthve56

  9. Pingback: funny drinking quotes

  10. Pingback: دانلود قسمت هشتم شهرزاد دوم

  11. Pingback: دانلود شهرزاد قسمت نهم فصل دوم

  12. Pingback: دانلود شهرزاد قسمت دوازدهم فصل دوم

  13. Pingback: قیمت پنجره

  14. Pingback: دانلود قسمت هفدهم عاشقانه

  15. Pingback: دانلود قسمت 12 عاشقانه

  16. Pingback: دانلود قسمت 13 عاشقانه

  17. Pingback: Rachel Starr

  18. Pingback: Peta Jensen

  19. Pingback: Elsa Jean

  20. Pingback: Angela White

  21. Pingback: Free Stuff Worldwide

  22. Pingback: lesbian porn xxx

  23. Pingback: Paleo Diet

  24. Pingback: online movie

  25. Pingback: Loyola College for Sale

  26. Pingback: دانلود قسمت یازدهم شهرزاد دوم

  27. Pingback: دانلود ققسمت 12 عاشقانه

  28. Pingback: دانلود قسمت سوم شهرزاد دوم

  29. Pingback: bypass windows 7 password

  30. Pingback: دانلود قسمت سیزده عاشقانه

  31. Pingback: دانلود قسمت اول شهرزاد دوم

  32. Pingback: porno

  33. Pingback: Admission via Good Donation in any medical college

  34. Pingback: videos porno

  35. Pingback: videos porno

  36. Pingback: videos porno

  37. Pingback: videos porno

  38. Pingback: videos porno

  39. Pingback: porno

  40. Pingback: videos porno

  41. Pingback: آموزش پنجره دوجداره

  42. Pingback: پنجره ضد سرقت ایرانی

  43. Pingback: دانلود قسمت هفده عاشقانه

  44. Pingback: mysql hosting

  45. Pingback: پنجره دوجداره وین تک

  46. Pingback: شرکت تولیدی پنجره

  47. Pingback: Acne Facial Treatments Southwest Ranches, Florida

  48. Pingback: Acne Facial Treatments West Park

  49. Pingback: Facial Spa Services Southwest Ranches, Florida

  50. Pingback: Facial Spa Services Hollywood

  51. Pingback: فروش توری

  52. Pingback: دانلود قسمت ششم شهرزاد دوم

  53. Pingback: sex

  54. Pingback: Roof Repair Long Island

  55. Pingback: hotel booking sites usa

  56. Pingback: St. Louis Wedding Photos

  57. Pingback: buy zynga chips

  58. Pingback: دانلود قسمت هفتم شهرزاد دوم

  59. Pingback: instant clash royale gems

  60. Pingback: پنجره دوجداره

  61. Pingback: Judi Online

  62. Pingback: magazin pescuit

  63. Pingback: coin-banks bitcoin

  64. Pingback: coin-banks trading

  65. Pingback: Porn World

  66. Pingback: bitcoin investment coin-banks

  67. Pingback: antena do cb radia

  68. Pingback: coin-banks trading

  69. Pingback: DraftKings DFS

  70. Pingback: coin-banks review

  71. Pingback: par l�

  72. Pingback: mdansby software

  73. Pingback: nico control � bom

  74. Pingback: دانلود قسمت هشتم شهرزاد دوم

  75. Pingback: anime series

  76. Pingback: دانلود سریال شهرزاد قسمت 15 پانزده

  77. Pingback: دانلود شهرزاد قسمت 15

  78. Pingback: TRUSSARDI

  79. Pingback: casino

  80. Pingback: Social Media Marketing

  81. Pingback: TRUSSARDI

  82. Pingback: zobacz

  83. Pingback: 16 دانلود شهرزاد

  84. Pingback: Tamara

  85. Pingback: دانلودسریال عالیجناب قسمت دوم

  86. Pingback: دانلود فیلم

  87. Pingback: 火锅

  88. Pingback: دانلود سریال عالیجناب قسمت اول 1

  89. Pingback: دانلود قسمت دوم عالیجناب

  90. Pingback: dating

  91. Pingback: suspension repair

  92. Pingback: FIRST TRY TRICKSHOT

  93. Pingback: political polls twitter

  94. Pingback: Marquee hire prices in London

  95. Pingback: Atlanta muralist

  96. Pingback: پنجره دوجداره وین تک

  97. Pingback: شرکت تولیدی پنجره دوجداره ایرانی

  98. Pingback: دانلود فیلم

  99. Pingback: دانلود

  100. Pingback: save money

  101. Pingback: taylormade sldr

  102. Pingback: Boxspringbett kaufen

  103. Pingback: promo codes

  104. Pingback: read more

  105. Pingback: Limo Services Vancouver BC

  106. Pingback: cheap loans

  107. Pingback: دانلود فیلم سریال ایرانی

  108. Pingback: evil dog

  109. Pingback: rent home

  110. Pingback: rent home

  111. Pingback: Bacillus Anthracis Symptoms

  112. Pingback: Search Engine Optimisation UK

  113. Pingback: پنجره

  114. Pingback: دانلود فیلم

  115. Pingback: how to buy bitcoins

  116. Pingback: درب یو پی وی سی

  117. Pingback: Double chambered

  118. Pingback: nursery rhymes

  119. Pingback: Vitamin B17

  120. Pingback: gratis annonse program

  121. Pingback: قیمت پنجره دوجداره

  122. Pingback: پنجره

  123. Pingback: gernas kids

  124. Pingback: پنجره دوجداره

  125. Pingback: پنجره دوجداره

  126. Pingback: IELTS course in Karachi

  127. Pingback: مشاوره کسب و کار اینترنتی

  128. Pingback: campervans rental

  129. Pingback: Funny Pictures

  130. Pingback: try this web-site

  131. Pingback: 6 inch showerhead

  132. Pingback: tempat aborsi raden saleh

  133. Pingback: buy proxy

  134. Pingback: ed shearan

  135. Pingback: hosting pakistan

  136. Pingback: window

  137. Pingback: download best

  138. Pingback: دانلود

  139. Pingback: Web Designer in Yakima

  140. Pingback: Learn Colors with Songs

  141. Pingback: instagramda sex izle

  142. Pingback: tankless water heaters

  143. Pingback: home

  144. Pingback: EVA TV

  145. Pingback: پنجره دوجداره

  146. Pingback: پنجره

  147. Pingback: پنجره

  148. Pingback: دانلود فیلم

  149. Pingback: reseller business opportunities

  150. Pingback: پنجره

  151. Pingback: clique aqui

  152. Pingback: online slot casino malaysia

  153. Pingback: Web Design

  154. Pingback: https://www.sbnation.com/users/hotelcristal1

  155. Pingback: https://www.openstreetmap.org/user/optimalpoland1

  156. Pingback: usi tech info

  157. Pingback: SpiderMan

  158. Pingback: graphic

  159. Pingback: mens haircuts

  160. Pingback: aqui

  161. Pingback: صيانه

  162. Pingback: Seo

  163. Pingback: Web Design

  164. Pingback: دانلود فیلم

  165. Pingback: slot machines

  166. Pingback: دانلود فیلم

  167. Pingback: Testbank

  168. Pingback: download movie

  169. Pingback: tablestacas

  170. Pingback: garden bridges Chicago

  171. Pingback: دانلود فیلم

  172. Pingback: پنجره

  173. Pingback: Bad Credit Remortgages

  174. Pingback: garden bridges Los Angeles

  175. Pingback: carte grise en ligne

  176. Pingback: Adrian

  177. Pingback: read now

  178. Pingback: Self Storage Units and Facilities in Mills Pond Park

  179. Pingback: Bandar Togel

  180. Pingback: Amateur russian homemade porn blowjob voyeur pissing lesbian xxx sex

  181. Pingback: Easiest Way To Make Money Online

  182. Pingback: personnel recruitment consulting

  183. Pingback: vape pen mods

  184. Pingback: watch illegal porn

  185. Pingback: blackhead extractor tool

  186. Pingback: cheap air jordans

  187. Pingback: دانلود فیلم نهنگ عنبر

  188. Pingback: Elvis Entertainers

  189. Pingback: buy illegal backlinks

  190. Pingback: Judi Online

  191. Pingback: learn colors with soccer balls for children toddlers and babies

  192. Pingback: ACCOUNTING SOLUTION MANUAL

  193. Pingback: https://www.pinterest.com/stephens4054/

  194. Pingback: payday loans

  195. Pingback: marketing network

  196. Pingback: load car into container

  197. Pingback: buy illegal seo

  198. Pingback: reebok all sport athletic socks

  199. Pingback: aquarius male first love

  200. Pingback: stamp selling

  201. Pingback: right here

  202. Pingback: پنجره

  203. Pingback: پنجره

  204. Pingback: آینه بغل

  205. Pingback: headhunting

  206. Pingback: دانلود شهرزاد

  207. Pingback: دانلود فیلم رایگان

  208. Pingback: hot sex

  209. Pingback: stroller sunshade

  210. Pingback: دانلود فیلم نهنگ عنبر

  211. Pingback: billboard

  212. Pingback: stretchy car seat canopy

  213. Pingback: stretchy car seat canopy

  214. Pingback: High chair cover

  215. Pingback: Limos Bus Vancouver BC

  216. Pingback: real caller apk

  217. Pingback: free iphone porn

  218. Pingback: Get More Info

  219. Pingback: Online Sports Betting Malaysia

  220. Pingback: child abuse america

  221. Pingback: Schl�sseldienst

  222. Pingback: The Bavarian Football

  223. Pingback: Deal Feed

  224. Pingback: missguided coupon code

  225. Pingback: https://www.youtube.com/watch?v=GPJYH7LYunc

  226. Pingback: game hack

  227. Pingback: porn movie

  228. Pingback: useful site

  229. Pingback: mobile porn

  230. Pingback: دانلود فیلم نهنگ عنبر 2

  231. Pingback: gggo there

  232. Pingback: Mia San Mia!

  233. Pingback: gooooood

  234. Pingback: دانلود موزیک

  235. Pingback: پنجره

  236. Pingback: buy hacklink google

  237. Pingback: watch porn google

  238. Pingback: ΑΘΗΝΑ ONLINE BOOKING

  239. Pingback: pirater un compte facebook

  240. Pingback: لینکدونی فروش

  241. Pingback: link98

  242. Pingback: astrology by birth date and time free

  243. Pingback: Oddsmonkey

  244. Pingback: 2 فیلم نهنگ عنبر

  245. Pingback: Oddsmonkey

  246. Pingback: Oddsmonkey

  247. Pingback: Oddsmonkey

  248. Pingback: Oddsmonkey

  249. Pingback: menoquil

  250. Pingback: consumerhealthdigest.com/eye-cream-reviews/eyevage.html

  251. Pingback: www.envisionsolutionsnow

  252. Pingback: رگ خواب

  253. Pingback: samsung

  254. Pingback: Blackhat

  255. Pingback: avakin life hack code

  256. Pingback: Hakukoneoptimointi Espoo

Leave a Reply

Scroll To Top