In an effort to further protect consumers from various degrees of fraudulent practices, the Consumer Financial Protection Bureau (CFPB) has announced that it will begin sharing consumer complaint data with state regulatory agencies.
By sharing complaint data, the CFPB looks to alleviate consumer hassle of filing complaints with multiple agencies at various levels of government.
The CFPB begins the process by sharing complaints through a secure channel, keeping in mind the confidentiality of consumers.
When a complaint is filed, CFPB screens it to make sure that it is complete and not a duplicate of another complaint the agency has previously worked on for that consumer. Then, CFPB sends it to the offending company in question, asking them to reply to the complaint within 15 days. The companies are then expected to close all but the most complicated complaints within 60 days.
Omitting information that would reveal consumers’ identities, the CFPB then publishes a selection of the data in its public Complaint Database.
CFPB hopes that by providing real-time access to its growing database of complaints, state government agencies will have a more complete picture of the markets for consumer financial products or services.
Among the complaints the CFPB receives include mortgages, credit cards, student loans, checking accounts, savings accounts, bank services and other types of consumer loans.
“This new capability is yet another example of the good government principles of cooperation and coordination in action. We look forward to continuing to deepen the already strong relationship we have with our partners,” CFPB stated.
Written by Jason Oliva
