Stritzke: CFPB Vague on Complaint Database Hearing Details
The Consumer Financial Protection Bureau has invited credit unions to participate in a Consumer Complaint Database field hearing it will conduct in Des Moines, Iowa, on March 28.
According to Andrea Stritzke, vice president of regulatory compliance for the Des Moines-based compliance firm PolicyWorks, the bureau contacted her organization in advance of the hearing announcement, inviting it and Iowa credit unions to attend the hearing and participate in a roundtable on the topic the previous day.
However, she said, the CFPB has been vague regarding the exact focus of the hearing.
“In the past, in field hearings, they’ve generally released some type of rule or initiative,” Stritzke said. “We’ve been emailing them about this for a little more than a week, but we have no indication as to what they might release.”
The CFPB’s complaint database publicly lists credit card complaints reported by consumers, and names the financial institutions accused of violating laws or providing poor service. The CFPB also collects complaints regarding basic accounts and services, credit reporting, money transfers, mortgages and student loans, but does not currently make that information public.
A venue for the hearing has not yet been announced, and Stritzke said the CFPB has not provided her with a location, either. The event is open to the public, but requires an RSVP via email to firstname.lastname@example.org.
According to the CFPB’s website, those planning to attend should provide their full name and organizational affiliation, if any.
Stritzke said the CFPB is returning to Des Moines after selecting the Midwestern city to conduct consumer testing on its combined TILA/RESPA disclosures before releasing the proposed rule in August 2012.