CFPB Makes Consumer Complaint Stories Public
July 6, 2015
July 6, 2015
The Consumer Financial Protection Bureau (CFPB) recently launched an enhanced public-facing consumer complaint database that makes public the complaint narratives consumers submit to the bureau.
When consumers submit complaints to the CFPB, they give information such as the product they are complaining about, the financial institution and the issue they faced. They also submit narrative accounts of their complaint, short stories that illustrate the challenges they encountered.
The new database makes these complaint narratives public for the first time. “These narratives are important because they tell the story of what happened in the consumers’ own words,” said CFPB Assistant Director for the Office of Consumer Response Scott Pluta in a blog post announcing the database. “Making these consumer narratives public, amplifies the voice of the consumer.”
Consumers must opt-in to have their complaint narratives made public, and according to the CFPB approximately 59 percent of consumers are doing so.
The CFPB also published a Request for Information seeking input on whether there are ways to enable the public to more easily understand and make comparisons of the complaint information in the database.
The new, enhanced database is available on the CFPB website.
Questions about this story? Contact James Pearson: 206.340.4790, firstname.lastname@example.org.