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News Now

Washington
Comment due May 9 on CFPB info collection plan
WASHINGTON (3/29/11)--Credit unions and other interested parties have until May 9 to comment on a Consumer Financial Protection Bureau (CFPB) plan to facilitate the centralized collection of, monitoring of, and responses to consumer complaints regarding financial products and services. The CFPB is developing online and paper intake methods that will include fields to be completed by consumers regarding complaints and questions. The CFPB’s request for comment pertains primarily to the burden on the consumer completing the form. The form has not yet been developed. However, the fields within the form will collect information regarding:
* The type of contact (such as online, by phone, and so on); * The substance of the complaint, question, or other issue; * The consumer’s contact information; * Identifying information about the consumer or consumer’s household; and * Information about the incident and institution giving rise to the complaint, question, or request for other information.
According to the CFPB’s initial estimates, each consumer complaint form will take about 10 minutes to complete and approximately one million to three million forms will be completed annually; the estimated total annual burden on consumers is approximately 330,000 hours. The CFPB provides no projections for regulatory burden on credit unions or other lending institutions. The Credit Union National Association has issued a Comment Call and is seeking credit union remarks on such questions as:
* Do you have any suggestions on how to enhance the quality, usefulness, and clarity of the information to be collected? * Do you have any suggestions on how to minimize the reporting and/or record keeping burdens on consumers, including the use of automated collection techniques or other forms of information technology? * Can you estimate the CFPB’s capital or start-up costs of operation, maintenance, and purchase of services to provide information?
Credit unions are asked to send their comments to CUNA by May 2.


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