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America’s watchdog for financial consumers is turning 4 next Tuesday! Here’s the CFPB's own blog post: 4 years working for you.
In a lead up to the Consumer Financial Protection Bureau’s birthday, we released our new report about mortgage complaints in the CFPB’s public consumer complaint database. Some highlights from our report include:
- Mortgages are the most complained about financial product in the database
- Bank of America is the most complained about mortgage company.
You can check out more from the report here.
The Consumer Complaint Database is one of the powerful tools the CFPB uses to make financial markets work better for consumers. It allows consumers to submit complaints and receive responses back from financial companies they feel they were wronged by.Americans for Financial Reform CFPB birthday event, Dodd Frank at 5, The Consumer Bureau at 4. In prepared and oral remarks, Director Cordray discussed the power of the database (and gave us a shout out!):
“If we can help spur competition based on consumer satisfaction, this has the potential to improve the functioning, transparency, and efficiency of the financial marketplace. We have seen how PIRG and others are already beginning to “scorecard” companies based on this data, and we want to encourage more of that.”
At this event, Director Cordray and Darian Dorsey, Chief of Staff for the CFPB’s Office of Consumer Response, also announced that the bureau was launching a new monthly report of their own summarizing the number of complaints and the worst companies in the database.in our news release last month.
Following the presentations by Director Cordray and Darian Dorsey, an expert panel oWatch the AFR website ("Events" tab at top). A video of the "CFPB at 4" event should be posted soon.
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