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Volume 25 - Number 20

September 29, 2014

Industry Groups Line Up Against Adding Consumer Narratives

A number of leading industry groups are united in their opposition to the CFPB's proposal to augment its complaint database with consumer narratives, citing concerns such as statutory overreach and a risk to consumer privacy, among a host of concerns. Frank Keating, president and CEO of the American Bankers Association, said in a comment letter that the CFPB’s plan to include customers’ “unauthenticated stories” in its complaint database “exceeds its statutory mandate and imposes excessive risks on banks and customers.” He contrasted the CFPB’s approach to the longstanding approach of the prudential regulators, in which complaints are kept confidential and shared with banks to correct problems and address supervisory concerns. The bureau’s approach, however, “erodes customer privacy, impairs the confidential ...

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