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CFPB wants to make credit card complaints public

June 15, 2012

A plan from the Consumer Financial Protection Bureau seeks to make public complaints against credit card firms.

A plan from the Consumer Financial Protection Bureau seeks to make public complaints against credit card firms. However, the targets of these complaints are lobbying against the online database, saying there is no way to determine whether the issues are legitimate.

USA Today reports that the relatively new agency introduced the idea for the website late last year, to make it easier for consumers to see what issues other have had with major financial services providers. However, in an interview with the source, American Bankers Association spokeswoman Carol Kaplan explained the plan for the site amounts to nothing more than a “gossip column,” with no system to authenticate complaints.

Yet, according to Gavin Baker, of the nonprofit OMB Watch, said that the industry should already expect to be under added scrutiny.

“The political context here is that they’re already in the cross hairs,” Baker told the newspaper. “If they forget to tie their shoelaces, they’re going to be dragged in front of Congress to explain themselves. And that applies to this database, as well as everything they do. They know they’re living in a fishbowl.”

The CFPB was created on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and is currently led by Richard Cordray, the former Attorney General of Ohio.

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