CFPB Proposes Public Disclosure of Consumer Complaint Narratives

more+
less-
more+
less-

Will the CFPB start disclosing consumers’ gripes and rants? Would it provide endless hours of salacious reading, like complaints posted on popular online review sites like Yelp and Angie’s List? Could it become a platform for publicizing unverified or, in worst cases, false and defamatory allegations which could harm compliant and conscientious businesses?

We may find out soon, as the CFPB recently published a notice of proposed policy statement detailing such plans.

The CFPB has been soliciting and compiling complaint data from consumers for a few years, but it previously disclosed only aggregated and non-narrative information from those complaints. Under the proposal, the CFPB’s public database would be expanded to contain narrative complaints of consumers who “opt-in” to make their stories public. The CFPB promises to take “all reasonable steps” to remove personal identifying information before it is publicly accessible. Finally, rather than verifying consumers’ complaints before publication, the CFPB proposes to permit companies to publish their own responses and “let the public decide”.

View This Blog

Written by:

Published In:

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.

© Foley & Lardner LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×