NRMLA Suggests Ways to Improve BCFP Complaint Process

The Bureau of Consumer Financial Protection can streamline its consumer complaint process by distinguishing questions from legitimate complaints and allowing financial services companies to provide expedited responses in cases where it can classify outreach from a consumer as a mere inquiry, according to comments submitted by NRMLA this week.

NRMLA responded to a Request for Information published by the BCFP on April 11 that sought public feedback on the Bureau’s handling of consumer complaints and whether changes to its processes would be appropriate. To date the Bureau has received 1.5 million consumer complaints.

The Bureau can make the complaint process more efficient by prompting consumers to clarify whether they have a complaint about a financial services product with their financial institution, or a problem or complaint related to a financial product or a transaction, but not caused by or directly with the financial services provider.

“The lack of context and relevance when a consumer files a complaint is a drawback with many consumer complaints,” said NRMLA. “The Bureau should consider methods to prompt consumers to provide more options to classify and further hone the details of the complaint outside of a pure narrative format. Such methods might include the use of detailed drop-down and dialogue boxes that guide consumers to provide more specific and useful information.”

The complete letter is posted to the NRMLA Comment Letters page on NRMLAonline.org, where you can find NRMLA’s comment letters to federal agencies dating back to July 2016. This page is restricted to members only and you must be logged in to view it.