The Consumer Financial Protection Bureau announced yesterday that it will begin sharing data from consumer complaints with state regulatory agencies.
This makes filing complaints easier for consumers. With one compliant, multiple government agencies can work on solving the problem for the consumer.
This applies to complaints on credit cards, mortgages, student loans, checking accounts, savings accounts, credit reporting, bank services, and other consumer loans.
One of the objectives of this program is to help state government agencies develop a more complete understanding of the markets for financial products in their respective states.
Complaints will be shared by a secure channel that protects consumer confidentiality. The CFPB intends to be able to accept complaints and information from the agencies and make that data available to the appropriate government organizations, congressional offices, and state attorneys general.
When a consumer files a complaint, the CFPB screens it, then sends it to the company in question. The company must reply within 15 days and must close all but the most complicated case within 60 days.
The CFPB will publish the data in the public complaint database with all identifying information being removed. The CFPB team will also work to address any potential violations of consumer law.