Manley Williams Quoted in Law360 Article
June 19, 2012
Partner Manley Williams was quoted in the June 19 Law360 article, "Banks Fear CFPB Credit Card Database Will Give Them Bad Rap."
After the CFPB announced its plans to make the publicly available database in December, the credit card and banking industries said the agency did not have the right to release the names of banks that are subject to the complaints. Doing so would give the public an unfair picture of the services that they provide and the care they take in addressing complaints, according to the banking industry.
"They work very hard to build their reputations," said Manley Williams, a partner with BuckleySandler LLP. "They have processes for escalating complaints. It matters to them. They invest a lot in customer satisfaction. This database distorts reality by giving industry no credit for the hard work they do, and I think that is unfair."
Another of the industry's concerns centers on the fact that the banks on the database all have one common feature: They are the biggest banks. That makes sense given that the CFPB does not have regulatory authority over community banks, but it does provide the illusion that small banks provide better customer service than their larger competitors, Williams said.
"There is no reward for good behavior; there is a reward for being small," she said.