The Consumer Financial Protection Bureau (CFPB) finalized its policy that allows consumers to decide whether they want to publicly share their complaints about financial services and products via the CFPB’s Consumer Complaint Database. Based on this policy, when a consumer submits a complaint, he/she now has the option to consent to share his/her story with the public. As a part of the publication process, the CFPB will take reasonable steps to ensure that the consumer’s personal information is removed from the complaint, and the consumer has the ability to withdraw the consent at any time. A company has the option to offer a public response to a complaint, but it is under no obligation to do so.
Additionally, the CFPB issued a Notice and Request for Information (RFI) requesting input on collecting and sharing positive consumer experiences and compliments about financial companies.