Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Bill calling for CFPB transparency passes in overwhelming majority vote

Notify me of new replies via email
Mortgage Professional America | 16 Apr 2015, 02:55 AM Agree 0
Legislation that would bring more transparency and accountability to the CFPB passed the U.S. House of Representatives with very few opposing it.
  • Cheryl | | 16 Apr 2015, 11:15 AM Agree 0
    Well, it certainly will be nice (in the near future) to have an adult, professional and detailed conversation with the CFPB instead of listening to some dumb a%# read off a script and at the end of the conversation know no more than you did before you called the Bureau in the first place. I find this Bill to be one of the first real accomplishments for our newly established Congress. There is a real sense of importance for the "Consumer" to know and understand the beginning, "the middle" and the end result of their complaint. Consumers have that right based on the "about us" portion of the CFPB. There's the missing part....the middle.

    In fact, each of us should go through the new portal of the CFPB website, listing the database of CFPB complaints since 2011. When following the graph take notice of the sections showing the company responded "Yes" or No and the consumer disputed response. By best calculation over 89% of all consumers DID NOT ("NO") dispute the company response. WHY? The only way the an actual complaint gets reviewed by the CFPB is to dispute the company response. So why submit a complaint and have no one review it? Until all consumers understand how the CFPB works, there's really no reason for a portal of data, only if you want to make yourself look good to all those opposing the CFPB. All this database reflect is that consumer don't know the dispute process at the CFPB. You do if you're a law graduate....we can do better.
  • Viva la Revolucion | | 16 Apr 2015, 11:59 AM Agree 0
    Who were the two that voted against more govt. transparency? LOL Probably the same ones that vote to exempt members of congress from their own "rules". Disgusting.
Post a reply