The CFPB published three notices in the Federal Register this week requesting public comment on efforts to improve service delivery, complaint handling and disclosure effectiveness, initiatives with direct implications for credit unions.
One request seeks to renew the use of its Consumer Complaint Intake System Company Portal Boarding Form, a tool that allows financial institutions to securely access and respond to consumer complaints submitted to the CFPB. The portal helps facilitate timely and centralized responses as required by the Dodd-Frank Act. The CFPB estimated the extension will affect around 400 institutions, with an annual burden of 85 hours across users.
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A second request would extend a program to collect qualitative feedback from consumers, credit unions and other stakeholders. This feedback, centered on comprehension, usability and satisfaction with CFPB services, is not designed for statistical analysis but will inform improvements in communication, operations and outreach.
The third notice involves pre-testing of revised mortgage disclosure forms in partnership with the Independent Community Bankers of America. The research will evaluate whether modified disclosures for construction and construction-to-permanent loans improve consumer understanding. The study involves 2,000 respondents and is especially relevant for credit unions that issue these types of mortgages.
The CFPB is encouraging public comment on all three proposals, focusing on the necessity, clarity and burden of the information collections.
Comments are due between June 23 and July 21, 2025, depending on the docket.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
