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Volume 2014 - Number 33

September 4, 2014

Legal Liability, Company Reputations, Data Privacy At Stake as CFPB Weighs Consumer Narratives

Mortgage lenders are worried that a recent proposal by the Consumer Financial Protection Bureau to expand its consumer complaint database with “narratives” from borrowers will leave companies vulnerable to being smeared by unproven rumors and false accusations. They also fear that a few legitimate complaints will be blown out of proportion. Others are apprehensive about maintaining the privacy of consumer personal data – and about expanding their legal liability. The Financial Services Roundtable has initiated...

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