cfpb 01Bankers Cry Foul Over CFPB’s Five-Star Complaint Rating System

 

nationalmortgagenews.com article.

 

Bankers are trying to stop the Consumer Financial Protection Bureau from allowing consumers to rank how companies handle complaints on a one- to five-star scale and to publish narratives of consumer experiences in an online public database.

The financial services industry is outraged at the proposal, which could go into effect as early as Jan. 29 if approved by the Office of Management and Budget. The OMB has approved all of the CFPB’s past data collection requests, a CFPB spokesman said.

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