CFPB Mortgage Complaint Portal Does Disservice to Consumers, Lenders

The Consumer Finance Protection Bureau (CFPB) just dealt the mortgage industry another low blow by setting up an ill-advised consumer complaint portal on their website.

The portal doesn't ensure that the consumer complaints, that the CFPB solicits and posts, are valid, does not give financial institutions an equal opportunity to respond and does not sufficiently protect consumers privacy. 

Both CFPB and mortgage industry data show that very few consumer complaints submitted to the Bureau actually warrant any action beyond an explanation.

Finally, the posting of unverified consumer complaints, under the imprimatur of the federal government, are bound to mislead the very consumers the CFPB is charged with protecting. 

This practice needs to come to an immediate halt.