Regulations

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

Bureau will publish consumer complaint narratives despite industry outcry

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...