CFPB Says Public Consumer Complaint Database Will Remain
The Consumer Financial Protection Bureau will not consider removing the public Consumer Complaint Database, which could make for more disgruntled industry participants.
"The consumer complaint database and the reports derived from it have long been a source of consternation for the financial services industry, ever since the bureau decided to make those complaints public over the objections of many industry observers," according to HousingWire.
"Many industry participants took issue with the fact that the complaints were made public, despite potentially being unverified and unproven."
According to the report, Acting Director Mick Mulvaney began asking for public comments on consumer complaints instead of gathering and reporting complaints back in 2018.
"At the time, the CFPB had topped 1 million complaints received in its database," according to HW.
"The CFPB takes those complaints, analyzes them, and publishes reports about the number of complaints it’s received, the types of complaints, and the most complained about companies."
While the CFPB plans to keep the complaints public, they have made enhancements to what information is accessible by users.
To learn more about the CFPB's decision and what modifications they've made to the public Consumer Complaint Database, click on the image above.
