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NAFCU retells bureau: Consumer complaints shouldn’t be public

December 17, 2020

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU President and CEO Dan Berger, in a letter Wednesday, agreed with Bureau of Consumer Financial Protection Acting Director Mick Mulvaney’s position that the bureau is not statutorily required to “run a Yelp for financial services sponsored by the federal government.”“Publication of unverified consumer narratives can have long-lasting effects on a credit union’s reputation, resulting in fewer members, market share, and potentially resulting in more time-consuming examinations,” Berger wrote as he reiterated that the bureau should remove its consumer complaint database from public view.NAFCU has pressed the bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm. Mulvaney has indicated that changes will likely be made to the database to keep it consistent with the law.last_img

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