New Rules of the game: Consumer database
Jul 04, 2012 (The Idaho Statesman - McClatchy-Tribune Information Services via COMTEX) --
CONSUMER DATABASE: Agency proposes extending public release of financial complaints
THE AGENCY Bureau of Consumer Financial Protection
THE ISSUE The bureau has initiated a public database chronicling complaints by consumers involving credit cards. At the same time, the agency has inaugurated a system for consumers to complain about other forms of consumer finance, including mortgages, consumer checking accounts, savings accounts and check cashing services. To date, the agency says it has received 45,000 complaints, including 17,000 involving credit cards, 19,000 mortgages and 6,500 checking accounts.
WHAT'S PROPOSED The agency wants to extend the public database to include information about those other complaints. The database gives a consumer complaint identification number, the type of complaint (such as credit card) how it was filed, when it was filed, the issue (i.e. late fee, collection dispute, interest rate) and the zip code from where it was filed.
HOW YOU CAN BE HEARD Comment deadline on extending use of the public database to include other consumer financial complaints is July 19. Comment electronically at http://www.regulations.gov. Refer to docket number CFPB-2012-0023. Written comments may be sent to Monica Jackson, Office of the Executive, Secretary, Consumer Financial Protection Bureau, 1700 G St. N.W., Washington, D.C., 20552.
TO LEARN MORE For more information go to the Consumer Finance Protection Bureau at www.consumerfinance.gov.
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