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.