The Financial Services Roundtable, American Bankers Association, Consumer Bankers Association, The Clearing House and U. S. Chamber of Commerce are urging the Consumer Financial Protection Bureau (CFPB) to extend the comment period for the bureau’s proposed policy allowing consumers to publicly compliant about financial services companies. On July 29, the bureau said in a release that it is extending the comment period from Aug. 22 to Sept 22 — 60 days from the date the proposed policy was published in the Federal Register.
The bureau initially proposed a new policy on July 16 that would allow consumers to publicly complain about financial products and services by sharing their personal account of an incident on the bureau’s online Consumer Complaint Database. The proposal allowed for a 30-day comment period.
“The proposal raises many serious legal and practical issues and 30 days is simply not enough time for us and our members to analyze and respond to the proposal,” the groups said. “The associations request that the bureau extend the comment period to not less than 90 days following publication in the Federal Register.”
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