Industry Insight   Regulatory Updates   

CFPB Announces Enhancements to Consumer Complaint Database

On September 18th, the CFPB announced changes to its public consumer complaint database.

In 2018, it had asked for comments on potential changes to the database, and received almost 26,000 responses from a wide variety of stakeholders, including government officials, consumer groups, mortgage lenders, academics and individual consumers. Former CFPB Acting Director, Mick Mulvaney, had even mentioned the possibility of closing the publicly-available feature.

Instead, current Director Kathy Kraninger has announced that the CFPB has reviewed all comments received, and that the changes made are intended to address concerns raised in the comments and to provide enhanced data to benefit consumers.

Among the changes announced are:

  • Disclosures making it clear that the database is not a statistical sample of consumer experience in the marketplace
  • Highlight answers to common consumer questions before the consumer submits a complaint
  • Highlight consumer ability to send questions and issues directly to the mortgage lender
  • Future dynamic and visual tools to help database users understand current and recent marketplace conditions
  • Future aggregation and analysis features
  • Exploration of a lender’s ability to respond publicly to individual complaints

The CFPB also noted that, to date, lenders have made timely responses to more than 97 percent of the over 1.3 million complaints sent to them through the database. To review a particular lender’s complaint history, the database is available here.

Sign up for news + updates

Expert insights and regulatory updates on RegTech, compliance management, and fair lending.

In this blog post concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the blog post by a reader shall not give rise to an attorney-client relationship with SLG. SLG expressly disclaims any representation of accuracy or reliability as to the content of this blog post, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this blog post. The attorneys of SLG are not certified by the Texas Board of Legal Specialization.

Recommended Resources