March 09, 2016

Senate Chairmen: Consumer Bureau Response to Broken Retirement Tool “Inadequate and Unresponsive”

WASHINGTON D.C. – Wednesday, March 9, 2016 – Senator Richard Shelby (R-AL), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator Mike Enzi (R-WY), Chairman of the Senate Budget Committee, called a response from the Consumer Financial Protection Bureau (CFPB) “inadequate and unresponsive” after the agency acknowledged problems with its online Social Security retirement calculator, but failed to fully address the problems or adequately fix them. 

The Chairmen note the agency’s retirement calculations are still off by hundreds of dollars per year for the typical worker.

“It is unacceptable that the agency charged with protecting consumers continues to provide inaccurate and misleading information regarding what the Consumer Protection Bureau considers ‘one of the most important decisions of their lives,’” said the Chairmen to CFPB Director Cordray. “You have described the Bureau as one of the most accountable agencies in the government.  And yet, you have failed to fully answer our questions or address the numerous errors in the CFPB planner despite our urging you to do so.  Let us be clear, accountability in this instance can be demonstrated by fully answering our questions and correcting the inaccuracies created by your planner.”

The full response to the CFPB can be viewed here.

The CFPB’s original letter can be viewed here.