The Consumer Financial Protection Bureau has published a proposal that would make changes to the complaint-filing process for consumers and companies who are the subject of complaints.
Individuals or companies that wish to file a comment on the proposal must do so before Sept. 30. The proposal was published in the Federal Register yesterday.
The CFPB wants to add a “short survey” into the complaint closing process. The information provided in the survey will be shared with the companies that responded to the complaint. The survey is intended to replace the “dispute” option that is currently in place. Once a company responds to a complaint, the consumer has the option to agree or dispute the company’s response.
The feedback will also be used to inform CFPB’s work to supervise companies, enforce Federal consumer financial laws, write better rules and regulations and monitor the market for consumer financial products and services.
Consumers would rate a company’s response and handling of a complaint on a scale of one to five, and be able to provide a description along with the rating.
What the CFPB did not say in the proposal is what it would do with the feedback, and whether those scored would be shared publicly or privately with the companies.