CFPB Floats Publishing Customers' Bad Banking Stories

Wednesday, July 16, 2014

The CFPB has proposed publishing on its website individuals' stories about bad experiences with credit cards and other financial services, prompting quick pushback from banks. The CFPB already posts basic details of consumer complaints but now, the agency wants to include customers' full explanations of what happened. The CFPB said including the narrative would provide more information and help users spot trends with companies or in regions. Companies featured in the complaints would have an opportunity to respond. Banks and other financial service providers have criticized the complaint database, which they say unfairly hurts firms' reputations.