The Consumer Financial Protection Bureau announced Thursday a massive expansion of its consumer complaint database. It will be nearly 5 times larger, making it the biggest public collection of financial consumer complaints submitted to a federal regulator.
The bureau, created under the 2010 Dodd-Frank reform law, said the database was expanded from its original 19,000 complaints mostly dealing with credit cards to more than 90,000 individual complaints related to issues across multiple sectors.
"By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services," said CFPB Director Richard Cordray in prepared remarks for a field hearing in Des Moines, Iowa, on Thursday. "The database is good for consumers and it is also good for honest businesses. We believe the marketplace of ideas can do great things with this data."
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