On June 14, 2022, CFPB Director Rohit Chopra announced, at a public town hall, Request for Information on how bank customers can assert their rights to better customer service with big banks. The Request for Information seeks data about, and consumer experiences with, the obstacles that may prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.
As required by the 2010 Consumer Financial Protection Act, consumers have rights to obtain timely responses to requests for information about their accounts from large depository institutions. Given that many large financial institutions are shifting toward algorithmic banking, the CFPB aims to restore relationship banking in an era of consolidation and digitization.
The Request for Information asks consumers what information from their banks they would find beneficial. Specifically, the CFPB is interested in hearing information about the following:
What information do people request from their bank and how are they using that information? What information are consumers currently unable to obtain from their bank?
Does how a person contact their bank make a difference in their ability to get information? For example, is there a difference if they visit in person or call or go online?
Are there customer service obstacles that inhibit their ability to bank?
Is there value in banks disclosing who they share account information with, or compensation they may receive for sharing that information?
What do bank customers experience in terms of wait times, disconnected calls, the ability to speak to a person at a specific location, or the quality of responses to questions?
Read CFPB’s press release here.
The Request for Information can be found here.