Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.
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Dr. Dan Geller, behavioral economist and author of Money Anxiety, explains why Americans are more stressed about money than ever before and how fear affects their decisions about financial products and banks.
Though regulatory rigor has improved post-crisis, it would be hubris for the Fed to believe it has found a magic formula that will predict with accuracy how any of the big banks will truly perform in the next downturn.