Lenders’ outcry against CFPB ‘narratives’ is justified, from Automotive News.
It’s no wonder auto lenders cried foul last month when the Consumer Financial Protection Bureau announced its plan to begin posting consumers’ first-person tales of their grievances with auto loans later this year.
Lender trade groups issued statements complaining that publishing unverified, and conceivably false, narratives online could not only harm lenders’ reputations unjustly, they could also provide consumers with erroneous information.
But the groups might not have weighed in so forcefully had all narratives been required to be associated with a formal complaint form, which would be forwarded to the lenders for resolution and, if desired, public response.
