WASHINGTON (AP) — The Consumer Financial Protection Bureau has heard from hundreds of thousands of consumers who feel wronged by banks and finance companies. Now the agency wants the public to hear from those consumers too.
On Wednesday, the bureau proposed allowing consumers to publish online the details of their complaints against lenders and financial service providers. Those narratives would augment the bureau's consumer complaint database, which lists complaints about checking accounts, credit cards, student loans and other financial products. If consumers choose to make their complaints public, the companies involved would then be given a chance to write a public response.
"By proposing to share people's stories, we are giving consumers an opportunity to be heard by the entire world and not simply by a government agency and its officials," CFPB Director Richard Cordray said in remarks prepared for a Thursday event in El Paso, Texas.
The consumer bureau's current database simply lists the company being complained about, a general subject matter like "deposits and withdrawals," and whether the complaint has been resolved. By adding the narratives, the bureau believes it will help consumers determine where to take their business and identify systemic problems. A similar complaint reporting system is already in place at the Consumer Product Safety Commission, which seeks to identify dangerous products from appliances to toys.
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