From: ACA International
ACA urges the CFPB to categorize certain requested information as voluntary in order to minimize the burdens on respondents and maximize companies’ proactive participation in the portal.
On Feb. 2, 2015, ACA International submitted comments in response to a new Consumer Financial Protection Bureau collection request related to the CFPB’s Company Portal, the Web-based interface between the bureau’s Office of Consumer Response and companies. Although companies already have the ability to register with the Company Portal to review and respond to any complaints, according to the CFPB, the proposed Company Portal Boarding Form “will serve to streamline information collection from these companies, result[ing] in a greatly enhanced and efficient experience from both the consumers and companies’ perspectives.”
While ACA is very supportive of the bureau’s efforts to improve the consumer complaint handling process, ACA is concerned about the broad information the bureau proposes to be “required” from companies in order for them to be able to proactively participate in the “voluntary” portal.