HR7588-119

What This Bill Does

This bill changes the CFPB consumer complaint database. CFPB must require each complaint submitter to attest under penalty of perjury that the information is true, that the complaint is being submitted by the consumer or an authorized representative with proof of identification and a signed authorization, and that the consumer told the covered company about the issue at least 60 days before filing with CFPB. If CFPB finds a complaint was filed in a consumer’s name without authorization, it must, where practicable, inform the consumer and provide the covered company the name of the unauthorized submitter. Covered companies responding to CFPB complaints may close complaints without further action when they reasonably determine the complaint is duplicative and resolved, frivolous or factually baseless, unauthorized, fraudulent or misleading, not preceded by 60-day direct notice, or already remedied. Companies must notify CFPB of the closure reason, and CFPB must record it. The Bureau must keep consumer narratives and company response narratives confidential and may publish only aggregated trend data without personally identifiable or specifically linkable narrative content.

Who Benefits and How

Banks, lenders, debt collectors, credit reporting companies, other covered financial companies, and consumers whose names are used without authorization benefit from stronger attestation, proof-of-authorization, company-notice, complaint-closure, and confidentiality rules.

Who Bears the Burden and How

Consumers filing CFPB complaints must attest under penalty of perjury, provide direct-company notice at least 60 days earlier, and risk closure if a covered company deems the complaint duplicative, frivolous, unauthorized, fraudulent, unexhausted, or already remedied. Consumer representatives must provide identification proof and signed authorization, CFPB complaint-unit staff must verify attestations and record closure reasons, and consumer advocates and complaint-data researchers lose access to public narrative text because narratives become confidential.

Key Provisions

• Requires CFPB complaint submitters to attest under penalty of perjury that complaint information is true and authorized.
• Requires authorized representatives to provide sufficient identification proof and a signed consumer authorization.
• Requires consumers to notify the covered company at least 60 days before filing the CFPB complaint.
• Authorizes covered companies to close duplicative, frivolous, unauthorized, fraudulent, unexhausted, or already-remedied complaints with recorded reasons.
• Requires CFPB to keep consumer and company narrative content confidential while allowing aggregated trend publication.