Michelle Rogers and Jeffrey Naimon Quoted in Reverse Mortgage Daily Article, "The Opportunity Behind the CFPB's Consumer Complaint Database"Michelle L. Rogers, Jeffrey P. Naimon
Michelle Rogers and Jeffrey Naimon were quoted in Cassandra Dowell's Reverse Mortgage Daily article, titled "The Opportunity Behind the CFPB's Consumer Complaint Database," on December 8, 2014.
The Consumer Financial Protection Bureau (CFPB) recently published a notice that the bureau is developing a form to allow companies to proactively participate in its online consumer complaint database for viewing and responding to consumer complaints.
Until now, many companies have not had direct access to the portal that the CFPB requires large banks to review. Under the Dodd-Frank Act, company portal users must provide the CFPB with a response to each complaint within 15 days of when the company received it via the portal.
Essentially, companies that can log in to the portal are able to interface more directly with the CFPB’s Office of Consumer Response, and have greater access to complaint information, says Michelle Rogers, partner at Buckley Sandler LLP.
While the CFPB aims to make applying to the portal easier for companies not already required to register, whether more companies should be expected to respond to all complaints is another question.
The benefits of increased access
For companies subject to the CFPB’s jurisdiction, there are often benefits to knowing what and when consumers are saying negative things about the company to the CFPB, so the company can address the complaint, says Jeffrey Naimon, partner with Buckley Sandler LLP.
“[Action taken] could include determining that [the complaint] has no merit, but might indicate better communication is needed, or if it has merit determining whether consumer remediation is appropriate or whether operational or policy changes are in order,” Naimon says.