Magazine : Archives : 4th Quarter 2014

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Should The CFPB Publish More About Complaints?In its brief history, the Consumer Financial Protection Bureau (CFPB) has become a powerhouse for consumer complaint data on financial services companies. As of July 1, the agency’s database contained more than 250,000 consumer complaints. Currently, the public can view categorized details of these complaints—a billing dispute or closed account, for example—as well as which company is the subject of the dispute and how the issue was resolved. But the CFPB no longer feels that this information is enough to inform and educate consumers, and now proposes to include narrative data as well, basically,...