Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints.

The requirements include the following: (1) consumer complaint information could only be presented on the CFPB’s website in an aggregated format, (2) complaint information included in such aggregated information would have to be verified if  the complaint alleges a violation of a law, regulation, or contractual agreement, and (3) complaint information about a particular consumer financial product or service could only be made publicly available on the CFPB’s website if the information is accompanied by “statistics on how many consumer complaints the Bureau receives with respect to the particular consumer financial product or service compared to the total number of consumers making use of such consumer financial product or service.”… Continue Reading