Regulations

It’s full steam ahead for CFPB’s public complaint database

Bureau will publish consumer complaint narratives despite industry outcry

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Despite strong objections from leaders in the mortgage and other banking industries, the Consumer Financial Protection Bureau is moving forward with a policy that allows consumers to publicly voice their complaints about consumer financial products and services -- including real estate financial services. The bureau announced March 19 that it is finalizing a policy proposed in July 2014 that gives consumers the option to share accounts of their complaints in the CFPB’s public-facing Consumer Complaint Database. Currently, consumers may only opt in to publish narratives submitted online. When consumers submit a complaint, they fill in their identification information and describe who their complaint is against and why. The CFPB then forwards it on to the company for a response, gives the consumer a tracking number and keeps the consumer updated on the complaint's status. Under the new policy, consumers must check a box to opt in and give the CFPB permission to publish their nar...