BCFP Ombudsman Report Notes Industry Concerns With Bureau’s Use of Complaint Data, Difficulty in Managing Risk

On November 29, 2018, the Ombudsman’s Office of the Bureau of Consumer Financial Protection (Bureau or BCFP) released its annual report for fiscal year 2018. The Ombudsman’s office serves as a liaison between the Bureau and consumers and the industry. The report discusses several issues, some of which are directly related to the ARM industry.

In its outreach initiatives, the Ombudsman proactively engaged with stakeholders -- both industry and consumer groups -- by appearing at conferences and hosting teleconferences to inform the audiences of their office’s research and work. In “inreach,” meaning connecting with internal Bureau stakeholders, the Ombudsman introduced itself and its resources to the Bureau’s new leadership.

The Ombudsman took away several recommendations, according to this report, from the Ombudsman Forum for industry and trade representatives held in June 2018. The report noted that:

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