The comment request focuses on two new surveys to determine what influences consumers’ decisions to file complaints about financial products and services.
04/01/2024 12:55 P.M.
2 minute read
The Consumer Financial Protection Bureau is proposing to collect consumer input on their decisions to file complaints through two new surveys.
Before the surveys are launched, according to the Federal Register notice, the CFPB is seeking comments on:
- “Whether the collection of information is necessary for the proper performance of the functions of the CFPB, including whether the information will have practical utility.
- The accuracy of the CFPB’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used.
- Ways to enhance the quality, utility, and clarity of the information to be collected; and
- Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.”
Survey Details
The two new surveys under consideration would identify factors that contribute to a consumer’s decision to submit a complaint.
The first pilot survey will target consumers who have encountered issues with their credit cards. It will include a sample of consumers who have used the CFPB’s complaint process, and a sample of consumers who have not filed a complaint despite experiencing issues with their credit cards.
The goal of this survey format will allow the CFPB to pinpoint the main factors that are associated with submitting regulatory complaints, according to the Federal Register notice.
Following the pilot survey, results would be used to inform a second survey about a broader range of products and services consumers can submit complaints on, such as mortgages, vehicle loans, bank accounts, and debts owed to third-party debt collectors.
Both surveys will collect data about factors that may influence a consumer’s decision to submit a complaint. These include information about their use of a product, the problems they encountered when using a product, their attitudes and perceptions towards the product and its offeror, as well as demographic information.
Request for Comments
To file comments:
- Use the federal eRulemaking portal https://www.regulations.gov/commenton/CFPB-2024-0007-0001 for Docket No. CFPB–2024–0007 and follow the instructions.
- Email: [email protected]. Include Docket No. CFPB–2024–0007 in the subject line of the email.
- Mail/Hand Delivery/Courier: Comment Intake, Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, Washington, DC 20552.
Comments are due by May 6, 2024. ACA International will be filing comments. If you have any feedback to contribute for the comments, contact ACA’s advocacy team at [email protected].
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