Consumer Financial Protection Bureau Director Richard Cordray testified Wednesday before the Senate Banking Committee about the release of the Bureaus seventh semi-annual report.
He described the work in providing $10.1 billion in relief to more than 17 million consumers and highlighted a case where the CFPB obtained $2.5 million in relief for service members who were victims of an illegal collection scheme - as well as the CFPBs role in closing for-profit Corinthian Colleges.
Several senators asked Cordray about the CFPBs collection of consumer data and the steps taken to protect it.
Sen. Elizabeth Warren (D-Mass.) said the CFPBs consumer complaint database had received nearly 650,000 complaints since its launch. Cordray testified that approximately 80% of all the complaints are closed.
The CFPB unveiled an updated complaint database in late June, pushing ahead with a controversial plan to allow disgruntled consumers to add their narratives to the official record.
Critics of the move argued that posting the database of detailed grievances wiil allow unverified details to circulate in public that could potentially smear a company's reputation or have other negative economic effects.
The complaint database contains 7,700 complaints filed online. They include details of woe faced in dealing with financial companies concerning credit cards, debt collection, mortgages, bank accounts and more. The CFPB also published a Request for Information on Thursday that seeks input on whether there are ways to allow the public to more easily understand and make comparisons of the complaint information.
The CFPB began accepting complaints as soon as it opened its doors in July 2011. It currently accepts complaints on many consumer financial products, including: credit cards; mortgages; bank accounts; private student loans; vehicle and other consumer loans; credit reporting; money transfers; debt collection; and payday loans. The CFPB launched the original complaint database in June 2012. It's now the nations largest public collection of consumer financial complaints.