Consumers will be able to rate how an institution resolves their complaint
On August 1, 2016, the Consumer Financial Protection Bureau (CFPB) published1 a notice and request for comment in the Federal Register on a proposal to enhance its consumer complaint database. The change would allow consumers to rate an institution’s performance in handling and responding to a consumer’s complaint. The proposed enhancement, which could impact an organization’s reputational risk, is intended to give consumers the option to highlight an institution’s positive behavior when resolving a consumer complaint by using a one to five rating scale with an option to provide a narrative to support the consumer’s rating. Comments must be submitted on or before September 30, 2016.