The Federal Trade Commission (FTC) has launched a new online “dashboard” that makes certain data received from active duty servicemembers and veterans publicly available. The data come from the FTC’s Consumer Sentinel Network, which aggregates consumer complaints received directly from consumers, as well as data contributions received from others (including state attorneys general, the CFPB, and other government agencies, watchdog groups, and private companies).… Continue Reading

The CFPB issued a press release earlier this week to announce that it has made a series of enhancements to its consumer complaint database.  The CFPB announced its plans to make the enhancements in September 2019 in conjunction with its announcement that it would continue to publicly disclose consumer complaints.

One of the enhancements is the addition of a geospatial view that allows complaints to be viewed by state with a U.S.… Continue Reading

A group of 15 Democratic state attorneys general have submitted a letter responding to the CFPB’s request for information seeking comment on potential changes to the CFPB’s practices for the public reporting of consumer complaint information.  (Last month, a group of 35 Democratic U.S. Senators sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information.)… Continue Reading

Two weeks ago, we reported on an article published by the American Banker, which alleged certain inaccuracies and flawed practices in the CFPB’s consumer complaint database, citing several current and former employees of the Bureau. This week, CFPB Director Richard Cordray wrote a sharp rebuke of the American Banker’s article, claiming that it was  “riddled with inaccuracies about the database and how it works.”… Continue Reading

A recent article by the American Banker claims, based on undisclosed CFPB documents and interviews with current and former agency officials, that the CFPB’s consumer complaint database is widely held to be inaccurate and untrustworthy. The article points to what it believes to be egregious instances of duplicative complaints as well as the misidentification of companies.… Continue Reading

The CFPB’s announcement last Thursday that it had expanded its public Consumer Complaint Database to include complaints about products other than credit cards was accompanied by the release of four items.

One item was a breakdown of the more than 90,000 complaints about credit cards, mortgages, bank deposit products and services, student loans, and other consumer loans (which category includes complaints about auto loans and leases) that are now in the database.… Continue Reading

TransparencyRecall that when the CFPB launched the Consumer Complaint Database, its expressed hope that “the marketplace of ideas” – i.e., the public – would study and analyze the information disclosed in the database in order to “determine what the data show[s].” 77 FR 37559. The CFPB also stated that the purpose of the database is to “provide consumers with timely and understandable information to make responsible decisions about financial transactions and to enhance the credit card market’s ability to operate transparently and efficiently.” … Continue Reading