CFPB Consumer Complaint Site: Should it also have reviews.

Today, I overheard a coworker harping about how this financial institution did not disclose information to him concerning him closing his account, which falls under Regulation DD.  Being surrounded in the banking and credit union world my entire professional career; I felt I should “disclose” my knowledge to said gentleman about the CFPB – Consumer Financial Protection Bureau – complaint site.  When I did so, I sent him the link and decided to browse through it as I had in the past, although the thought of my lunch decision sprung to mind and how I had used Yelp to help solidify my decision.  Yes, food and banking complaints of nothing in common!  Although it led me to think that it should have a review system in place to track good banks as well, just a thought…

This, as you can tell, was leading to a much more intriguing topic. If the CFPB wants to assist in the complaint process, shouldn’t they also assist in the banks taking the extra initiative to insure all their customers that are happy be known throughout a Government body?

Banks go to extra levels now to map the regulatory guidance with using software for case management to insure all the complaints are solved and or resolved.  This causes banks, small and large, to run out find GRC software to automate this because they can’t afford to hire someone to do this.  My thought is that if CFPB wants to mandate, they should also show or manage a review system as well for customers that are happy with their bank.

I would love to hear any thoughts on this as well.