The Consumer Financial Protection Bureau (CFPB) announced last week that they have released additional complaint data to the general public. The CFPB is a government agency established by the Dodd-Frank Act in 2010. According to their website, “Congress established the CFPB to protect consumers by carrying out federal consumer financial laws.” The CFPB “writes rules, supervises companies, and enforces federal consumer financial protection laws, restricts unfair, deceptive, or abusive acts or practices, takes consumer complaints, promotes financial education, researches consumer behavior, monitors financial markets for new risks to consumers and enforces laws that outlaw discrimination and other unfair treatment in consumer finance.”
Last summer, they launched a searchable database of consumer complaints which featured credit card complaints alone. This week they increased the number of searchable complaints from 19,000 to over 90,000 by adding complaint data on mortgages, bank accounts, private student loans, & other consumer loans with increased specificity so instead of just “mortgage” complaints you can find “reverse mortgage complaints.”
What does this mean to you? The CFPB’s goal is to ensure “that consumers get the information they need to make financial decisions for themselves and their families.” By releasing this data, they hope to further that goal. You can view the complaint database and learn more about the CFPB’s complaint process here.
Your BBB can also take complaints regarding a financial institution or credit card bill. To file a complaint with us, visit www.bbb.org/complain. If you need help managing credit, the BBB also has some tips and advice for you at Managing Credit-Made Simpler.
For information and tips on other topics, visit us at evansville.bbb.org.