Banking Trade Group Objects To CFPB Consumer Complaint Data Collection

CFPB Privacy/Cyber Risk & Data Security

Last week, the American Bankers Association submitted a letter in response to the CFPB’s notice and request for comment on certain information collection activities, namely its request for a generic clearance covering its consumer complaint and information collection system. The letter opposes the CFPB’s clearance request, maintaining that such action by the CFPB would present substantive and policy issues that “mandate a level of public engagement and accountability not available pursuant to a generic clearance process.” The comment period closed on August 26, 2013.