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CFPB Releases Consumer Financial Complaint Data – IBA Compliance Connection

CFPB Releases Consumer Financial Complaint Data

The CFPB recently activated a public database of consumer complaint data with over 90,000 individual complaints involving financial products. The database, which includes tools to organize and filter the data, only covers complaints involving institutions under its direct enforcement jurisdiction, but there already has been considerable discussion about whether the primary federal banking regulators ultimately will follow suit. Notably, a CFPB press release includes a link to its own complaint analysis, and a CFPB blog post encourages “consumers, analysts, data scientists, civic hackers, and companies that serve consumers” to analyze and use the data.