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

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

There's a new database of thousands of jobs at space companies, including SpaceX, Blue Origin and moreThere's a new database of thousands of jobs at space companies, including SpaceX, Blue Origin & more
Source: CNBC - 🏆 12. / 72 Read more »

What’s Disrupting the Textile Market TodayMacro-economic forces and changes in consumer behavior are expected to impact the industry.
Source: wwd - 🏆 24. / 68 Read more »