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Statement: CFPB must maintain consumer complaint database

NYLAG joined 70 other consumer, civil rights, fair lending, privacy, legal services and community groups to call on Acting Director Mick Mulvaney to maintain the Consumer Financial Protection Bureau’s consumer complaint database. The database is one of the few tools consumers have to check out a financial services company. Mulvaney has publicly discussed to banning public access to the database.

The CFPB is required by law to provide individuals with a process to report ongoing financial disputes and evaluate financial companies before doing business with them. The Bureau’s public database—composed of firsthand accounts of consumers’ financial complaints—provides a valuable tool for consumers who want to prevent problems, identify harmful business practices, and learn whether a company has a good record of resolving complaints.

Read the comments here.

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