CFPB expanding public complaint database

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The answer to the mystery of what the CFPB would be announcing at its field hearing today in Des Moines, Iowa has now been revealed. At the hearing, Director Cordray will be announcing that the CFPB is expanding the categories of complaints that it publicly discloses through its Consumer Complaint Database. Since June 2012, the database has only included credit card complaints. Beginning today, it will also include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (a category that includes auto loans and leases).

The CFPB’s press release describes the various actions taken today, including the release of a new Consumer Complaint Data policy statement and a new “Snapshot of Complaints Received.” We will be issuing a legal alert on these developments and sharing our reactions in future blog posts.

Topics:  CFPB, Public Disclosure, Richard Cordray

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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