One of the more recent Consumer Financial Protection Bureau (CFPB) proposals, is to give consumers the ability to publicly post on the CFPB website their complaint against anyone who falls under the oversight of the CFPB. The consumer would be able to post and make their complaint public no matter how frivolous it may be, and without any review by the CFPB. When I first read this the first thing that ran through my mind was What A Can Of Worms The CFPB Is Opening UP!
I wonder if the CFPB would feel this is a good idea, if the complaints about them as well as any other government agency were made public before it was determined whether it was a valid complaint or not. This means some nut with a vendetta against a Lender or anyone else who falls under the oversight of the CFPB can just keep on posting complaint after complaint and have it made public even if there is no validity to the complaint. This is the equivalant of legalized slander.
Before anyone responds by saying well it is about time complaints about Lenders are made public, I would ask you to think carefully, because Realtors/Agents also come under the oversight of the CFPB. The CFPB just has not made Real Estate Companies one of their targets yet, but they will. Just give them a little more time.
Can you imagine the number of frivolous complaints a pissed off Buyer or Seller would file against a Realtor/Agent. How fair would that be, especially if their was very little if any truth to the complaint. That is the position Loan Originators may find themselves in if the CFPB goes forward with implementing this proposal.
I do not have any issue with making complaints public against anyone, as long as the complaint has been reviewed to determine there is validity to it. If it is found to be a valid complaint, then by all means make it as public and as easy to find as it can possibly be. But I am not in favor of spreading slanderous complaints without truth to them.
The full CFPB proposal can be read by Clicking On This Link. May be I am over reacting to this CFPB proposal, but I do not think I am. The more I think about it the same thought keeps going through my head What A Can Of Worms The CFPB Is Opening UP!
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George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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