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Statement: Consumer Financial Protection Bureau agrees to retain consumer complaint database and enhance elements of the key resource
WASHINGTON -- The Consumer Financial Protection Bureau announced today it would continue to maintain its public consumer complaint database, and that it also plans to make a number of “enhancements” to the database. These include: providing financial information and details into the complaint process to both better address questions and inform consumers before issuing a complaint; and adding materials to help consumers who seek answers to specific questions from financial companies.
Ed Mierzwinski, U.S. PIRG senior director for Federal Consumer Programs, issued the following statement on the announcement.
“This announcement is a victory for both consumers and the marketplace. Over the years, U.S. PIRG, in comments and public statements, has championed the need to maintain a public CFPB consumer complaint database because it’s common sense that markets work better for consumers and companies when both sides have full information.
“As our series of reports on the database have clearly shown, this venue not only serves as a powerful tool to help financial consumers make choices, but also gives watchdog groups, academics and the private sector a way to analyze and highlight problems. Equally as important, this window into the marketplace plays a key role in holding financial services firms accountable and reminding them that they are at their best when they’re focused on serving their customers.
“It is reassuring to know that the public database will continue to be a win for everyone except the corporate wrongdoers who want to hide their practices.”
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