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In a blow to financial-services industry, the CFPB will keep consumer complaints database public

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This 'empowers consumers and informs the public,' the CFPB director said.

The Consumer Financial Protection Bureau is keeping its consumer complaints database public, in a surprising move that may assuage advocates’ concerns.

Mulvaney had said that the agency shouldn’t need to run a “Yelp YELP, -0.14% for financial services, sponsored by the federal government.” Advocates feared that making the database private would limit the CFPB’s ability to address consumers’ concerns. Those in favor of keeping the database public said it helps consumers make more informed decisions about financial products and services. Some also argued it aided the agency in identifying harmful practices. Those in the financial-services industry, meanwhile, argued that the damage these complaints could do to a company’s reputation was potentially irreversible.

 

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