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Volume 25 - Number 25

December 8, 2014

Ombudsman Report IDs Multiple Concerns of Industry, Advocates

The CFPB ombudsman’s third annual report highlighted a number of concerns from industry representatives as well as consumer advocates on a range of issues critical to both constituencies. For instance, some of the industry issues the ombudsman’s office heard about in the past year were the need for additional clarity on CFPB points-of-contact for industry, a desire for more clarity on regulatory compliance for business planning and operations, and a concern about broad examination information requests. The office also received industry input about the need for normalization of data in the public consumer complaint database, the differences between the language used in consent orders and their corresponding CFPB press releases, and issues related to the formal or informal nature of ...

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