Auto Dealer Monthly recently reported on the Consumer Financial Protection Bureau’s announcement that it is finalizing a policy to allow consumers to voice publicly their complaints about consumer financial products and services:
Now, when consumers submit a complaint to the CFPB, they have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. The CFPB is also publishing a request for information seeking public input on ways to highlight positive consumer experiences, such as by receiving consumer compliments.
“Consumer narratives shed light on the full consumer perspective behind a complaint,” said CFPB Director Richard Cordray. “Narratives humanize the problems consumers face in the marketplace. Today’s policy will serve to empower consumers by helping them make informed decisions and helping track trends in the consumer financial market.”
The announcement didn’t sit well with American Financial Services Association, which issued a statement critical of the CFPB’s new policy to F&I and Showroom. “Because consumers are likely to assume a level of accuracy and validity in the complaints posted on a government website, the CFPB’s publicizing unsubstantiated consumer narratives that could mislead consumers,” stated Bill Himpler, the association’s executive vice president. “In additional, publishing unverified and unfiltered claims could pose significant brand and reputational risk to financial services companies.”
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This blog is for informational purposes only. By reading it, no attorney-client relationship is formed. The law is constantly changing and if you want legal advice, please consult an attorney. Gregory J. Johnson ©All rights reserved. 2015.