CFPB's Consumer Database Could Prove Counterproductive

Law360, New York (April 21, 2015, 3:32 PM EDT) -- The Consumer Financial Protection Bureau recently issued its final policy statement enabling consumers to post on the CFPB's consumer database complaints about financial services in narrative format. While the CFPB has maintained the database since 2012, under the policy statement, consumers would be able to submit detailed descriptions of their experiences in dealing with providers of consumer financial products and services. Once a complaining consumer consents to publication, the CFPB would remove personally identifying information and then feature the consumer's full complaint in narrative form on the database....

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