OIG Report on CFPB Consumer Response Highlights Deficiencies, But Exposes Irony

Last week the Federal Reserve Office of the Inspector General (OIG) published a report of findings regarding its review of the CFPB’s Consumer Complaint Database. In summary, the study concluded that the Office of Consumer Response has implemented controls to monitor the accuracy of complaint data in the internal case management system, but it has not established management controls to ensure the accuracy of data extracted from the system and posted on its public database.

Specifically, they found that:

The report also noted that in December 2013 Consumer Response established policies for removing records from the internal case management system and for withholding and withdrawing complaints from the Consumer Complaint Database, however as of June 30, 2014, no records have been identified for deletion since the removal policy. Specifically, Consumer Response withholds complaints for reasons such as the inclusion of material false statements, consumer withdrawal, and the presence of confidential trade secrets. According to Consumer Response management, this policy can also apply to removing complaints that contain significant inaccuracies.