CFPB Updates Complaint Response Options on Company Portal

The Office of Consumer Response’s update is directly related to feedback provided by ACA International aimed at clarifying consumer complaints vs. inquiries.

6/15/2020 11:30 AM

CFPBNewsAdvocacy
CFPB Updates Complaint Response Options on Company Portal

As a result of feedback from ACA International as part of ongoing advocacy with the Consumer Financial Protection Bureau, its Office of Consumer Response updated the options for companies responding to consumers’ feedback.

During the bureau’s Request for Information process last year, ACA outlined extensive reforms that should be made to the complaint database both structurally and in the reporting of data from it.

As part of comments to the bureau, ACA identified the need for companies to be able to explain their response more specifically to consumers.

During the CFPB’s Request for Information process, ACA filed two different comment letters urging that changes should be made to the complaint database. We appreciate that some of our concerns were addressed.

The CFPB provides companies with the option to publicly respond to complaints listed in the Consumer Complaint Database. While the majority of Company Portal users do not provide a public response or routinely select the response that reads “Company has responded to the consumer and the CFPB and chooses not to provide a public response,”  the office added an additional structured option that would allow companies to indicate whether they responded to a consumer’s question/inquiry as part of the complaint process.

The additional structured option reads “Company believes the complaint provided an opportunity to answer consumer’s questions.”

Companies continue to have up to 180 days to provide a public response and it remains optional.

Contacts registered with the company portal should receive a notification about the change.

This update will help improve the accuracy of data on companies’ responses to consumers and provide more context as to whether the company responded to an inquiry or an official complaint and was able to answer the consumers’ questions.

ACA also continues to advocate with the CFPB to ensure accurate data about the industry is documented in the database through providing context to the complaints and sound verification processes as outlined in comments to the bureau and the 2020 Advocacy Booklet.

View the CFPB's updated Company Portal Manual (June 2020) through ACA's Advocacy Resource Center.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

CFPB Updates Complaint Response Options on Company Portal

As a result of feedback from ACA International as part of ongoing advocacy with the Consumer Financial Protection Bureau, its Office of Consumer Response updated the options for companies responding to consumers’ feedback.

During the bureau’s Request for Information process last year, ACA outlined extensive reforms that should be made to the complaint database both structurally and in the reporting of data from it.

As part of comments to the bureau, ACA identified the need for companies to be able to explain their response more specifically to consumers.

During the CFPB’s Request for Information process, ACA filed two different comment letters urging that changes should be made to the complaint database. We appreciate that some of our concerns were addressed.

The CFPB provides companies with the option to publicly respond to complaints listed in the Consumer Complaint Database. While the majority of Company Portal users do not provide a public response or routinely select the response that reads “Company has responded to the consumer and the CFPB and chooses not to provide a public response,”  the office added an additional structured option that would allow companies to indicate whether they responded to a consumer’s question/inquiry as part of the complaint process.

The additional structured option reads “Company believes the complaint provided an opportunity to answer consumer’s questions.”

Companies continue to have up to 180 days to provide a public response and it remains optional.

Contacts registered with the company portal should receive a notification about the change.

This update will help improve the accuracy of data on companies’ responses to consumers and provide more context as to whether the company responded to an inquiry or an official complaint and was able to answer the consumers’ questions.

ACA also continues to advocate with the CFPB to ensure accurate data about the industry is documented in the database through providing context to the complaints and sound verification processes as outlined in comments to the bureau and the 2020 Advocacy Booklet.

View the CFPB's updated Company Portal Manual (June 2020) through ACA's Advocacy Resource Center.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Loading...

Loading...

Scroll to Top