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Volume 25 - Number 15

July 21, 2014

CFPB Proposes Adding Customer Narratives to Complaint Database

The CFPB is proposing to allow consumers to publicly disclose their complaint narratives – unvetted – when making a submission to the bureau’s consumer complaint database. “In many ways, the narratives are the most insightful part of a complaint,” the bureau said. “They provide a first-hand account of the consumer’s experience and the problem they would like resolved.” Further, “By giving consumers an option to publicly share their stories, the CFPB would greatly enhance the utility of the database, a platform designed to provide consumers with valuable information needed to make better financial choices for themselves and their families.” According to the bureau, the benefits of sharing the narratives include providing context to the complaint, spotlighting specific trends, helping consumers make informed ...

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