Bureau Moves Forward on Sharing Complaint Narratives
March 23, 2015
The CFPB announced last week it is now giving consumers the chance to “opt in” and share their complaint narratives in the CFPB’s public-facing consumer complaint database. Under the new final policy statement – after a summer 2014 request for information – consumers must opt in to share their story and they may opt out at any time. Also, personal information will be removed from narratives. Further, complaint narratives have to meet certain criteria to qualify for publication. For instance, the complaint must be submitted through the CFPB website, and the complaint must not be a duplicate submission.The one substantive criterion is that the consumer must have a confirmed relationship with the financial institution. Elsewhere under the new policy, companies can ...
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