The CFPB Expands its Public Database and Makes it Easier to Target Your Company

The CFPB Expands its Public Database and Makes it Easier to Target Your Company

Jun 21, 2013

Article

Brownstein Client Alert, June 21, 2013

On March 28, 2013, the Consumer Financial Protection Bureau (CFPB) announced that it was going to share its database with the public, thereby “creating greater transparency in consumer financial products and services.” It did so, and as of May 31, the database has ballooned from approximately 19,000 complaints largely isolated to credit card issues to more than 113,000 complaints covering credit cards, mortgages, student loans, bank accounts, services and auto loans. With more than 10,000 complaints per month being added to the database, companies must be even more vigilant in regularly searching and responding to database “hits.”

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