CFPB Expands Its Consumer Complaint Database
The Consumer Financial Protection Bureau (CFPB) announced Friday that it has expanded its Consumer Complaint Database to include state-by-state information and also has added complaints about money transfers and credit reporting to the database.
“This data puts valuable information in the hands of consumers to help them understand what is happening in their states,” said CFPB Director Richard Cordray. “And by adding credit reporting and money transfer complaints to the Consumer Complaint Database, we are making these important markets more transparent and accountable to all consumers.”
The CFPB said its database has gone from logging nearly 90,000 complaints on credit cards, mortgages, student loans, bank accounts and services, and other consumer loans, like auto loans in March to 113,000 complaints today. The live database updates nightly.
While credit unions are not likely be the subject of a sizable number of consumer complaints, the Credit Union National Association has expressed concern that the public data release could have unintended consequences and has worked with the bureau to address concerns.continue reading »