CFPB Releases Public Complaint Database

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On March 28, the Bureau of Consumer Financial Protection (CFPB) announced the release of a public database of federal consumer financial complaints with information on more than 90,000 individual complaints on financial products and services. The release “expands significantly from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank accounts and services, other consumer loans, and credit cards. In many cases, it includes the sub-category of products. For example, for mortgages it includes reverse mortgages, conventional fixed mortgages, conventional adjustable mortgages, and home equity loans or lines of credit.”

In accompanying materials, the CFPB explained that, “We don’t verify all the facts alleged in these complaints but we do take steps to confirm a commercial relationship between the consumer and company. Complaints are listed here after the company responds or after they have had the complaint for 15 calendar days, whichever comes first. We remove complaints if they don’t meet all of the publication criteria. Data is refreshed nightly.”

The database is available here.

 

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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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