The Consumer Financial Protection Bureau's online complaint database should be expanded to include all of the nation's credit unions and banks, regardless of size, according to National Community Reinvestment Coalition analysis released Oct. 8.
The trade association's review of CFPB account complaints by ZIP code resulted in a recommendation that federal regulators, including the NCUA, should further investigate the data for possible violations of consumer protection and anti-discrimination laws because more complaints were reported in predominantly minority communities.
"The CFPB, the FDIC, the Office of the Comptroller of the Currency, the Federal Reserve Board and the NCUA should develop a joint database covering all banks and credit unions so that the public has a more comprehensive view of the number of complaints issued from customers of large and small institutions," the NCRC analysis read.
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