WASHINGTON (6/26/15)--More than 7,700 consumer complaints against financial companies are part of the Consumer Financial Protection Bureau’s (CFPB) enhanced database that went live Thursday.
It includes for the first time consumers' narrative accounts of problems they face concerning mortgages, accounts, credit cards, debt collection and more.
CUNA has raised concerns to the bureau that the public complaint narratives could lead to inaccuracies that harm financial services entities with reputational harm.
The Consumer Complaint Database was first launched in June 2012, and in March of this year the narrative feature was added. According to the bureau, as of June 1, 2015, it has handled more than 627,000 complaints, with mortgages and debt collection being the most frequent topics.
The bureau also published a request for information Thursday seeking input on ways to enable the public to more easily understand and compare complaint information.