CFPB to Share Complaint Data with State Agencies

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.

Discover it® Apply Now

See Details

Discover it®

Special Offer: 0% Intro APR* on purchases and balance transfers for 14 months

Editor Rating:

Chase Slate® Apply Now

See Details

Chase Slate®

Special Offer: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Chase Freedom® Apply Now

See Details

Chase Freedom®

Special Offer: 15 month 0% intro APR plus $100 bonus after your first $500 in purchases within the first 3 months of cardmembership

Editor Rating:

Citi® Platinum Select® / AAdvantage® World MasterCard® Apply Now

See Details

Citi® Platinum Select® / AAdvantage® World MasterCard®

Special Offer: No annual fee the first 12 months of cardmembership

Editor Rating:

Barclaycard® Ring MasterCard® Apply Now

See Details

Barclaycard® Ring MasterCard®

Special Offer: Low 8% (V) APR on purchases and balance transfers

Editor Rating: