Comments due on CFPB customer service RFI
The CFPB announced Tuesday it is seeking public input related to relationship banking and how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates.
In the 2010 Consumer Financial Protection Act (part of the Dodd-Frank Act), Congress made a determination that consumers needed additional rights to demand information from large depository institutions. Section 1034(c) of the Act gives consumers the right to get information, including supporting written documentation, about their account from a large bank or credit union with over $10 billion in assets. Financial institutions covered by this provision must comply with customer requests for information in a timely manner. To date, the CFPB has not enforced or issued additional policy guidance under this legal provision.
The Request for Information asks what information would be helpful for consumers to be able to obtain from their banks. Specifically, the CFPB is interested in hearing information about the following:
- What information do people request from their bank and how are they using that information? What information are consumers currently unable to obtain from their bank?
- Does how a person contacts their bank make a difference in their ability to get information? For example, is there a difference if they visit in person or call or go online?
- Are there customer service obstacles that inhibit their ability to bank?
- Is there value in banks disclosing who they share account information with, or compensation they may receive for sharing that information?
- What do bank customers experience in terms of wait times, disconnected calls, the ability to speak to a person at a specific location, or the quality of responses to questions?
Comments on the request for information will be accepted for 30 days following publication in the Federal Register.
Publication and comment period update: Published on 6/21/2022 at 87 FR 36828 with a comment period ending 7/21/2022.