The Consumer Financial Protection Bureau (CFPB) proposed a new policy that would allow consumers to publicly complain about financial products and services by sharing their personal account of an incident on the bureau’s online Consumer Complaint Database.
The bureau said that publishing consumer narratives would provide important context to the complaint, help the public detect specific trends in the market, aid consumer decision-making, and drive improved consumer service.
“The consumer experience shared in the narrative is the heart and soul of the complaint,” said CFPB Director Richard Cordray. “By publicly voicing their complaint, consumers can stand up for themselves and others who have experienced the same problem. There is power in their stories, and that power can be put in service to strengthen the foundation for consumers, responsible providers and our economy as a whole.”
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