Washington (July 16, 2014) - The National Association of Federal Credit Unions (NAFCU) today expressed strong concerns over the Consumer Financial Protection Bureau’s (CFPB) proposal to publish narratives of the bureau’s consumers complaint database.
“Credit unions take great care to address their members’ complaints directly and foster ongoing relationships with their members,” said NAFCU Director of Regulatory Affairs Mike Coleman. “NAFCU has serious concerns about the potential for undue reputation risks to financial institutions relative to unsubstantiated claims. NAFCU will closely examine the proposal and its impact on credit unions, however, at first blush the risks of unwarranted reputational harm to good actors far outweigh any benefits this proposal would create to assist the CFPB to resolve legitimate complaints.”
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.