CUNA and NAFCU want the complaint process at the new consumerbureau to be less burdensome for credit unions and not publicizeunwarranted complaints against financial institutions.

“We are concerned that the burden on some institutions could besubstantial–particularly given the Bureau’s estimate that betweenone and three million forms will be completed annually,” CUNAAssistant General Counsel Luke Martone wrote in a comment letter.“It is therefore possible that this new intake method will increasethe number of complaints credit unions received and result in newregulatory burdens.”

Martone also recommends that the bureau give credit unions thechance to directly respond to consumer complaints, while sendingcopies to the bureau, rather than requiring a response from thebureau.

NAFCU President/CEO Fred Becker wrote that it isn’t “appropriateto publicize complaints made against particular financialinstitutions given that any consumer can file a complaint,regardless of the merits of the accusation.”

He also urged the bureau to minimize the amount of personal datait collects from people who file complaints to reduce the potentialdamage that could be caused by data breaches.

In addition, Becker suggested that when requesting informationfrom consumers filing complaints, the bureau should ask fordocumentation about whether they contacted the financialinstitution and what response they received. Consumers should alsobe able to attach documentation to the complaint form and explainwhat their desired outcome is.

The Consumer Financial Protection Bureau, which was establishedby the financial overhaul bill passed by Congress last year, isscheduled to begin operation in July. It is now in the setup stageand determining the procedures for resolving complaints.

For further information on the bureau, which will be anindependent agency housed in the Federal Reserve, and to readcomment letters, go to: http://www.consumerfinance.gov/