Kraninger Promises to Enhance the Consumer Complaint Database
The Consumer Financial Protection Bureau (CFPB), under the leadership of Director Kathy Kraninger, announced “enhancements” that it will make to the controversial consumer complaint database with the purpose of improving it for consumers while also addressing industry concerns.
Those changes include the following:
- Modified disclaimers to provide better context to the published data;
- Integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint;
- Information to assist consumers who wish to contact the financial company to get answers to their specific questions; and
- Enhanced features for the database that include dynamic visualization tools on recent complaint data.
In the CFPB’s press release, Director Kraninger acknowledged industry concerns regarding the database while also iterating its importance for consumers. “Since its inception, the Consumer Complaint Database has not been without controversy … After carefully examining and considering all stakeholder and public input, we are announcing the continued publication of complaints with enhanced data and context that will benefit consumers and users of the database while addressing many of the concerns raised,” said Director Kraninger. “The continued publication of the database, along with the enhancements, empowers consumers and informs the public.”
Although the CFPB did not provide a timeline for the “enhancements,” it will likely take the CFPB many months, possibly even years, to apply all the changes mentioned in the press release.