The CFPB’s giant database of consumer complaints

The CFPB’s giant database of consumer complaints – Nov. 27, 2017

What is the CFPB?

For the last several years, anyone with a gripe about a bank, mortgage lender or student loan servicer has had a place to go.

The Consumer Financial Protection Bureau has maintained a giant public database of consumer complaints that contains more than 900,000 grievances against financial companies.

‘; var storytext = document.getElementById(‘storytext’); var heightToSkip = 0; function resetValues() { totalHeight = 0; targetChildElement = null; }
// Check if story is in the blacklist of articles to remove smartassets // [2017.07.27] Results of a one-off request from r.barbieri if(BLACKLIST[location.pathname] === true) { return } if(storytext == null) { console.log(“Error finding storytext element for SA embed”); return; } for ( i = 0; i 0) { heightToSkip -= storytext.childNodes[i].clientHeight; resetValues(); } else if(heightToSkip minHeight && targetChildElement != null) { //console.log(“total height = ” + totalHeight); //console.log(“childNode = ” + targetChildElement); storytext.childNodes[targetChildElement].insertAdjacentHTML(‘afterend’, smartAssetDiv); smartasset = document.getElementById(‘smartasset-article’); smartasset.style.float = ‘left’; // allows module to have text float to right smartasset.style.marginRight =’20px’; smartasset.style.marginBottom =’25px’; //console.log(storytext.childNodes[targetChildElement]); //SMARTASSET.setDivIndex(targetChildElement); SMARTASSET.setSmartAssetScript(); /* bail out since we’re done */ break; } } /* div with id=”smartassetcontainer”. Sanity check to only embed once */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “smartassetcontainer”) { break; } /* div with id=”ie_column” */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “ie_column”) { resetValues(); } /* embeds from twitter, facebook, youtube */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(’embed’)) { resetValues(); } /* cnn video player */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(‘cnnplayer’)) { resetValues(); } /* images */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘img’) { resetValues(); } /* images stored in figure tags */ else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘figure’) { if(storytext.childNodes[i].clientWidth

But the future of that complaint database is up in the air.

Critics have long argued that the bureau’s power is too broad and unregulated. The tension came to a head last week when Director Richard Cordray resigned and named a temporary successor from within the bureau. President Trump later announced Mick Mulvaney, the current director of the Office of Management and Budget and frequent CFPB critic, as his pick for acting director.

On Sunday, a lawsuit was filed against Trump and Mulvaney, seeking a court order halting Mulvaney’s appointment as acting director.

While the drama continues to play out about who is leading the watchdog agency, its future remains unclear. Earlier this year, Republican lawmakers introduced legislation to abolish the CFPB altogether.

Related: Why Wall Street and Republicans hate the CFPB

The agency was created in the wake of the Great Recession by the 2010 Dodd-Frank Act to protect consumers against unfair and deceptive practices. It has rulemaking, supervisory and enforcement powers.

Consumers can submit complaints about a financial product or service to the CFPB, which then sends them to the company involved.

Companies have 15 days to respond.

Once a company responds or the 15 days lapse, the complaints are then published in a public complaint database. Consumers have to give consent, and any personal or identifiable information is redacted before going online.

The CFPB claims to have recovered $12 billion in relief for nearly 30 million consumers. It’s gone after banks, debt collectors and student loan providers over shady and illegal business practices. Last September it hit Wells Fargo (CBEAX) with a whopping $185 million fine for setting up unauthorized bank accounts.

The database plays an important role within the agency to help staff members spot fraudulent practices, identify trends and patterns and prioritize their efforts.

Ruth Susswein, deputy director of national priorities for Consumer Action, noted that companies can use the database to enhance customer service or detect problems and issues in the industry

It’s also helpful to consumers making big financial decisions, researchers and other consumer advocacy groups, she added.

“Imagine if the database was available before the great recession and foreclosure crisis,” said said. “A lot less damage would have been done.”

-CNNMoney’s Jackie Wattles and Matt Egan contributed to this report

CNNMoney (New York) First published November 27, 2017: 5:19 PM ET

<!–

try { window._mNHandle.queue.push(function () { window._mNDetails.loadTag(“461374455”, “780×218”, “461374455”); }); } catch (error) {}

–>

The following two tabs change content below.
Nino Plevnik
I am in the Internet marketing area for some time now. I mostly deal with Affiliate Marketing and Domain Flipping. It took me a while until I figured it out. Now I want to transfer my knowledge to beginners, so they can start earn money online as quickly (and painlessly) as possible.
Nino Plevnik
About Nino Plevnik 106 Articles
I am in the Internet marketing area for some time now. I mostly deal with Affiliate Marketing and Domain Flipping. It took me a while until I figured it out. Now I want to transfer my knowledge to beginners, so they can start earn money online as quickly (and painlessly) as possible.

10 Comments

  1. My spouse and i have been so fortunate Edward could finish off his preliminary research using the precious recommendations he got when using the web site. It’s not at all simplistic to just find yourself giving for free facts some people may have been trying to sell. We really already know we need the website owner to thank for this. The type of explanations you’ve made, the simple website menu, the friendships your site aid to instill – it’s got everything sensational, and it’s really facilitating our son in addition to our family feel that this topic is fun, which is certainly rather pressing. Thank you for all the pieces!

  2. I enjoy you because of your whole work on this web site. My mom loves conducting investigations and it is obvious why. We all hear all about the lively ways you offer invaluable tips and hints via your blog and as well as invigorate response from some other people about this subject matter and our girl is actually starting to learn a lot. Have fun with the rest of the new year. Your carrying out a brilliant job.

  3. Thank you for all of the labor on this website. Kim loves engaging in internet research and it is obvious why. A lot of people learn all about the dynamic tactic you present practical steps by means of the website and as well as improve contribution from the others about this theme so our own simple princess is truly becoming educated a whole lot. Take pleasure in the rest of the year. You are always conducting a good job.

  4. I would like to show some appreciation to this writer just for bailing me out of such a challenge. After exploring through the search engines and getting basics which are not helpful, I was thinking my life was over. Living without the presence of approaches to the difficulties you’ve solved by means of your entire report is a crucial case, as well as the ones that might have adversely affected my career if I had not noticed your blog. Your understanding and kindness in taking care of almost everything was very useful. I don’t know what I would have done if I had not encountered such a thing like this. It’s possible to at this point look ahead to my future. Thanks a lot very much for this professional and sensible guide. I won’t hesitate to propose the sites to anybody who needs and wants guidelines on this subject.

  5. I simply desired to thank you very much again. I do not know what I would have achieved in the absence of the type of ways revealed by you on my concern. It truly was the alarming condition for me, however , being able to view a specialised mode you managed that forced me to jump for contentment. I am happier for the guidance and even pray you know what a great job you happen to be putting in teaching the mediocre ones via your webblog. Probably you have never got to know any of us.

  6. I enjoy you because of all your effort on this website. Kate delights in conducting investigations and it is easy to see why. We hear all concerning the dynamic mode you provide practical strategies on the website and even increase contribution from visitors about this area of interest then our favorite girl has been starting to learn a lot. Have fun with the rest of the new year. You’re the one conducting a really great job.

  7. I would like to show thanks to this writer for rescuing me from this circumstance. After scouting through the search engines and meeting tips which were not productive, I assumed my life was over. Existing minus the strategies to the problems you’ve fixed by means of the website is a crucial case, as well as the ones that might have in a wrong way damaged my career if I had not come across your blog post. Your personal know-how and kindness in maneuvering all the details was crucial. I am not sure what I would have done if I had not encountered such a thing like this. It’s possible to at this moment look forward to my future. Thanks a lot very much for this expert and effective guide. I won’t be reluctant to endorse your web blog to anyone who should get support on this issue.

  8. Thank you for your whole efforts on this website. My niece take interest in making time for research and it’s obvious why. We hear all concerning the dynamic way you give informative secrets via this web site and in addition strongly encourage contribution from some others about this concept while our girl is always studying a lot of things. Enjoy the remaining portion of the year. You are carrying out a wonderful job.

  9. I must show my appreciation for your generosity supporting persons that need assistance with this one area. Your real dedication to passing the solution around has been astonishingly significant and has really enabled somebody like me to arrive at their objectives. Your new useful publication signifies a whole lot to me and additionally to my peers. Many thanks; from everyone of us.

Leave a Reply

Your email address will not be published.


*