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Credit-Card Complaint Data Flawed, ABA Explains

Posted on 1/31/2012

In a comment letter to the CFPB on the Bureau's proposed policy statement, ABA yesterday urged the Bureau to publish only aggregate, market-level credit-card complaint data and to work with stakeholders to improve the underlying database quality so that it supports sound analytical reporting.

While we recognized the consumer-complaint data's importance in fulfilling the CFPB's Dodd-Frank mandated complaint resolution, ABA said the incomplete, unverified data would be flawed and unreliable, and would mislead rather than enlighten consumers in its proposed form.

"[R]eleasing the data as proposed is an unwarranted departure from the Dodd-Frank Act priorities of building a system for individual response to consumer complaints, utilizing complaint data for supervisory oversight, and accurately reporting to Congress," ABA wrote.

To view the comment letter visit: http://www.aba.com/aba/documents/news/CFPBdatabase13012.pdf


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