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Be Happy the CFPB Makes It Easier to Complain

Enhanced complaint process transparency gives credit unions the opportunity to learn from their mistakes.

By John-Ashley Paul | Updated on December 17, 2015
The CFPB issued its second monthly complaint report in late November, and it shows that more consumers are taking advantage of the organization’s complaint process. As of Nov. 1, 2015, the CFPB has handled approximately 749,400 complaints, including approximately 24,300 complaints in October 2015 – more in one month than they saw in all of 2014.

In March of this year, the CFPB added a new feature to the consumer complaint database: Namely, consumers now have the option to publish a so-called narrative regarding the complaint. The narrative elaborates on the consumer’s allegations against the company. Previously, the database only identified the financial product complained about, name of the company and a category identifying the topic of the complaint.

To all of the above I say, great! Stand-outs in the financial space (read: Credit unions) should be thrilled too. More data provides more knowledge, and allows credit unions to really separate themselves as institutions that are doing it right from those who aren’t.

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