American Bankers Association Statement on CFPB Credit Card Complaint Database

By Kenneth Clayton, ABAs executive vice president of legislative affairs and chief counsel
"While our industry stands ready to work with the CFPB to resolve customer concerns, the Bureaus plan to release unverified data is disappointing and could mislead consumers. Publishing allegations is often different than publishing facts. The Bureau itself acknowledges the complaints could be inaccurate, and in fact plans to disclaim their accuracy.* This makes the proposed database a questionable - even misleading - resource and risks tarnishing the reputation of individual companies without substantiation. "Complaint resolutions are best handled in a fair and unbiased manner between the parties involved. Where regulators believe process problems exist, they have ample authority to correct them. Publicizing allegations that may or may not have any basis in fact raises serious questions about the balanced review we expect from our government agencies. It feeds the perception that the Bureau wishes to politicize the process rather than analyze the facts involved. The banking industry takes every complaint seriously and works every day to resolve customer issues. Were proud of the customer service we provide and the numbers speak for themselves. Of the more than 383 million credit card accounts in the U.S., less than onehundredth of one percent have submitted a complaint to the Bureau. Customer satisfaction will always be our industrys top priority. *See page 12 of the CFPB policy statement on the Consumer Complaint Database, http://files.consumerfinance.gov/f/201206_cfpb_notice-of-final-policy-statement_disclosure-ofcredit-card-complaint-data.pdf The American Bankers Association represents banks of all sizes and charters and is the voice for the nations $14 trillion banking industry and its two million employees.