In a win for consumer protection and transparency in the marketplace, the Consumer Financial Protection Bureau will keep its complaint database public.
The Consumer Bureau announced its plans to maintain and enhance the Consumer Complaint Database on Sept. 18.
“This announcement is a victory for both consumers and the marketplace,” said PIRG’s Federal Consumer Program senior director, Ed Mierzwinski. “It’s common sense that markets work better for consumers and companies when both sides have full information.”
Our research partner, U.S. PIRG Education Fund, has released reports showing that the database is a powerful tool to help consumers make choices in the financial marketplace and plays a key role in holding financial firms accountable.
In 2018, the Consumer Bureau announced that it was considering making this database private. PIRG members and supporters sent more than 8,000 messages to then-director Mick Mulvaney, urging him to keep this database public.
Photo Caption: According to the Consumer Bureau, “97 percent of complaints sent to companies get timely responses.” Photo Credit: https://www.consumerfinance.gov/complaint/