Consumer watchdog downplaying a major Obama-era tool

Source: Ethan Wolff-Mann, AOL News

The director of the country’s primary consumer watchdog, the Consumer Financial Protection Bureau (CFPB), downplayed the role of the complaint database in its operations and even its utility as a major tool at its disposal.

In the past, the database has been a core part of the CFPB’s operations to identify potential enforcement actions. The bureau has maintained a complaint database that the general public can contribute to and view. The complaints have highlighted problems and poor experiences in a variety of consumer financial services and products, including payday lenders, credit reporting agencies, and student lenders. The CFPB also used the complaints to identify potential rulemaking opportunities and ways to learn about consumers.

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