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Ombudsman Office deliveres CFPB annual report

Last week, the CFPB's Ombudsman's Office delivered its annual report to Director Richard Cordray. Items discussed in this year's report include:

  • Keeping up-to-date with CFPB developments
  • Notification of CFPB events and speaker requests
  • Elevating concerns in the examination process
  • What to expect during the examination life-cycle

Additionally, the ombudsman considered the importance of balancing feedback between consumer and trade groups, feedback pertaining to the regulatory processes, meetings of the CFPB's Consumer Advisory Board and councils, and information presented in the Consumer Complaint Database.

Several items of interest concerning the CFPB's notification of events and concerns about keeping up-to-date with respect to CFPB activity appear on pages 15 and 16 of the report. For example, consumer and trade groups shared with the Ombudsman that it is challenging to keep up to date with CFPB activity across the agency's website.

One of the Ombudsman's recommendations is to maintain a digest of all updates to, and a checklist opportunity for users to subscribe to each available CFPB sign-up rather than searching for sign-ups on each page of the site.

CUNA will continue to urge the Bureau to improve its efforts in transparency, and the League is supportive of this and other recommendations contained within the Ombudsman's report.

Click here to read the full annual report.