Banks Fear CFPB Credit Card Database Will Give Them Bad Rap

Law360, New York (June 19, 2012, 7:14 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday unveiled an online database tracking credit card complaints and how quickly banks responded, drawing complaints from the banking industry that the information is missing key details and could unfairly tarnish companies' reputations.

The goals of the online database are to help consumers make informed decisions about which credit cards to use, highlight the concerns consumers have regarding credit card companies and provide insight for the CFPB as it monitors the industry, CFPB Director Richard Cordray said.

"Each and every...
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