JDSPRA, February 18, 2021, What Do Acting CFPB Director Uejio’s Comments on Consumer Complaint Responses and Potential Racial Disparities Mean for Regulated Financial Institutions?
Acting CFPB Director Dave Uejio recently shared a blog post in which he directed the Bureau’s Consumer Response Unit to prepare and publish a report highlighting companies with a poor track record of responding to consumer complaints. He stated that “senior leadership of these companies can expect to hear from me.” Acting Director Uejio also expressed concern about “disparities in some companies’ responses to Black, Brown, and Indigenous communities” found by consumer advocates, but he did not name those consumer advocates or the studies that may have prompted his comments.
… several studies that might have prompted Uejio’s comments about racial disparities in company complaint responses – some of which are older and others that are more recent. For example, back in 2013, the National Community Reinvestment Coalition issued a study alleging that people in minority communities were more likely to submit complaints to the CFPB than those in predominantly white areas, and that banks were more likely to address concerns of consumers from predominantly white neighborhoods than those from minority areas.
