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Supervisory Committees Deserve Recognition: LTE

As the CFPB expands its public complaint database, it needs to be educated about credit union supervisory committees.

By John McKechnie | Updated on October 07, 2014

In the advocacy business, it’s an article of faith that the credit union difference needs to be promoted at every turn. That’s why what I saw at the CFPB last week gave me pause, but at the same time opened the door to improving the way the CFPB views credit unions. 

The CFPB’s Credit Union Advisory Council convened a meeting in Washington Oct. 1 that featured a very detailed discussion by bureau staff about the nuts and bolts of their new consumer complaint website. Intended to collect and resolve issues raised by aggrieved consumers, the site is a major element of how the CFPB interacts with the public. Leaving aside the controversy surrounding the fairness of having unproven allegations made public in this way, the consumer complaint database will become an increasingly formidable part of the daily life of all financial services providers. Count on it.

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