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The Consumer Financial Protection Bureau (CFPB) is the target of yet another Republican congressional bill, this time with the focus aimed at changing the agency’s controversial complaint database.
Rep. Matt Salmon (R-AZ) has introduced the CFPB Data Accountability Act (HR 5413), designed to change how the CFPB handles complaints from consumers. Under this bill, the consumer complaint information received by the CFPB could only be presented on the complaint website in an aggregated format, and the complaint can only go online after it has been verified if the complaint alleges a violation of a law, regulation, or contractual agreement. Furthermore, the complaint must be accompanied by “statistics on how many consumer complaints the Bureau receives with respect to the particular consumer financial product or service compared to the total number of consumers making use of such consumer financial product or service.”
“Under current law, the CFPB launched a Consumer Complaint Database that serves as a mechanism to inform the consumer about potentially troublesome institutions,” Rep. Salmon said. “We owe it to the American people to make this information as accurate and as clear as possible. Unfortunately, the current database is disorganized and does little to provide the American people with important information to inform their decision-making. My bill would improve the current database by requiring the CFPB to verify the facts of each complaint and present this information in an aggregated format so that consumers have better access to CFPB-collected data and can make better decisions about their financial futures.”
At the moment, the legislation has no co-sponsors, nor is there a companion bill in the U.S. Senate.