Cordray (left), will work with banks to "ensure compliance with their legal obligations" to protect consumer complaint data, but won't use a contract to do so, an agency spokeswoman said Monday. Industry officials saw "no evidence that any problems have occurred" that made such a contract necessary, says Richard Riese, a senior VP at the ABA.
CCR - Deals & Pricing
CFPB Quietly Nixes Plan to Assert Control of Complaint Data
JUL 15, 2014 9:19am ET
The Consumer Financial Protection Bureau has squelched a plan to require banks to sign a contract that would have given the agency ownership of the content of consumers' complaints that it receives online.
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