CFPB's New Financial Products Complaint Site Goes Live Today

by devteam March 29th, 2013 | Share

Starting today consumers will bernable to track complaints about products and services levied by other consumersrnagainst some 450 financial services companies. rnThe Consumer Financial Protection Bureau (CFPB) will go live with whatrnthey are calling the nation’s largest public database of federal consumerrnfinancial complaints, covering some 90,000 individual complaints regarding mortgages,rnstudent loans, bank accounts and services,  </p

The searchable data base, anrnexpansion of an earlier complaint site which covered only about 19,000 creditrncard complaints, includes information on what customers complained about, when,rnand why as well as how the company responded to the complaint, whether thernresponse was timely and if the consumer disputed it. There is no identifyingrnconsumer data included in the data base.</p

“By sharing these complaints withrnthe public, we are creating greater transparency in consumer financial productsrnand services,” said CFPB Director Richard Cordray at a field hearing in DesrnMoines, Iowa, where he announced the expansion of the CFPB Consumer ComplaintrnDatabase. “The database is good for consumers and it is also good for honestrnbusinesses. We believe the marketplace of ideas can do great things with thisrndata.”</p

The database includes more than onernmillion data points and in many cases, it includes a sub-category of products.rnFor example, for mortgages it includes reverse mortgages, conventional fixedrnmortgages, conventional adjustable mortgages, and home equity loans or lines ofrncredit. </p

Consumers will be able to easilyrntrack, sort, search, and download information and consumers can build their ownrnvisualizations, charts, and graphs.  Therndata can also be embedded on other websites and shared through socialrnmedia.  The data is available via applicationrnprogramming interface so consumers can expect smart phone apps to be availablernsoon that will allow new uses of the data on the fly.  </p

Complaints will be added to the liverndatabase, which updates daily, only after 15 days or after the company respondsrnto the complaint. CFPB also first verifies that there is a commercial relationshiprnbetween the complaining customer and the company.   Thernlive database updates daily; so as the CFPB handles more complaints, more willrnbe added. When the CFPB accepts consumer complaints about other financialrnproducts and services, they will be put on the database after a period of time.rnFor example, credit reporting complaints, which the CFPB recently began tornaccept, will be included in the database in the near future.  </p

Consumers can view and interact withrnthe new database at

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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