On Sept. 18, 2019, the Consumer Financial Protection Bureau (CFPB) announced enhancements to its Consumer Complaints Database (CCD). Outlined below are the enhancements made to the database.

  • Highlighting the availability of answers to common financial questions for consumers and the ability to contact a financial company directly to get answers to questions.
  • More prominently display disclosures stating the CCD is not a statistical sample of consumers’ experiences in the marketplace.

In the coming months, the CFPB is going to further improve the CCD by adding visual tools to identify trends and possibly expand a company’s ability to respond publicly to individual complaints listed in the CCD.

To date, the CFPB has handled more than 1.9 million complaints.

Author

John Zasada, JD, CAMS – Compliance Consulting Director, Financial Institutions Group. John can be reached at zasada@doeren.com.