Cordray Defends CFPB Complaint Dept.
In an interview with Rob Blackwell of NationalMortgageNews, new Consumer Financial Protection Bureau (CFPB) Director Richard Cordray says his biggest accomplishment is creating the complaint database so consumers can contact the agency directly if they have a problem. Noting this kind of job is never done because an avalanche of data comes at them on a daily basis, he nevertheless feels by hearing the frustrations of the consumers firsthand the problem can be solved more readily. He says, “If we have information from the public that’s helping us do our job, we think it’s going to help the public make choices as well and people can dig into that.” In response to charges from the industry that it’s one-sided, Cordray says, “We verify that there is a customer relationship between the complainer and the institution, so we weed out those where someone is just completely making something up. We take out double hits so people aren’t being double, triple or quadruple counted.” For a link to the interview, click here.
(Image credit: CFPB)