On March 1, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released its sixth Request for Information (RFI) as part of its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. This RFI addresses how the Bureau analyzes and reports consumer complaint information. The RFI requests feedback to assist the Bureau in “assessing potential changes that can be implemented to the Bureau’s public reporting practices of consumer complaint information, consistent with law,” and solicits suggestions as to “whether any changes to the practices would be appropriate.” In this RFI, the Bureau specifically requests that commenters address (1) the usefulness of complaint reporting and analysis to stakeholders, and (2) specific suggestions for best practices for complaint reporting. The Bureau is seeking comments from financial industry participants, government agencies, consumer advocacy and financial education groups, trade associations, academic and research organizations, and consumers.

BACKGROUND -

One of the Bureau’s primary functions under the Dodd-Frank Act is “collecting, investigating, and responding to consumer complaints.” Pursuant to this statutory directive, the CFPB began collecting consumer complaints about credit cards in 2011, and subsequently invited complaints regarding additional financial products and services. The Dodd-Frank Act requires the CFPB to provide an annual report to Congress analyzing complaints received, as well as semi-annual reports to the President, the Senate Banking Committee, and the House Committees on Financial Services and Energy and Commerce that include this type of information. No further disclosure of complaint data is required under the Act. Nonetheless, the CFPB began making its complaint database available to the public in 2012.