Federal Reserve Board Reports on CFPB Consumer Protection Unit

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This week, the Office of the Inspector General (OIG) for the Federal Reserve Board issued an evaluation of the CFPB’s Consumer Response Unit, which is responsible for managing the CFPB’s consumer complaint system. The report provides a concise overview of the CFPB’s consumer complaint process and includes the OIG’s evaluation of that process. Specifically, the OIG concludes that the CFPB’s consumer complaint process is reasonable, generally compliant with the Dodd-Frank Act, and consistent with industry best practices. However, the report also indicates that the CFPB Consumer Response Unit could improve its process by further addressing (i) inaccurate manual data entry of consumer complaints, (ii) inconsistent complaint management system data, (iii) lack of a finalized agency-wide privacy policy, (iv) lack of a comprehensive quality assurance program, and (v) lack of a centralized tracking system for quality assurance reviews.