CFPB publishes notice and requests comments on “Consumer Complaint Survey”

Federal Issues CFPB Federal Register

On March 6, the CFPB published a notice and request for comment in the Federal Register, proposing two new surveys to investigate the factors influencing whether consumers file complaints regarding financial products and services.

The initial pilot survey will target credit card users, comparing those who have lodged complaints with the CFPB to those who have not, to help identify the reasons behind their decision-making. This case-control study will aim to reveal key factors associated with the submission of regulatory complaints. Following the pilot, a second, broader survey will encompass a range of financial products, including mortgages, vehicle loans, bank accounts, and debts owed to third-party debt collectors. The surveys will gather data on consumers’ use of the products, the issues faced, their perceptions of the product and provider, and demographic details.

The CFPB was seeking public comments on the necessity and utility of the information collection, the accuracy of its burden estimates, methods for enhancing the quality of the information, and ways to reduce the burden on respondents. Comments must be received by May 6.