CFPB to Stop Posting Customer Narratives on Complaint Database

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The Consumer Financial Protection Bureau will no longer publish “unverified complaint narratives and visualizations” on its public consumer complaint database, a change long sought by industry.<br>While the Dodd-Frank Act requires the CFPB to maintain a consumer complaint database, publishing a customer’s account of their problem with a financial product is “entirely discretionary,” the CFPB said Friday. The narratives show negative customer experiences without allowing companies to respond and may not describe an actual violation of law, the agency said.<br>“Publishing such narratives in the Database provides a less-than-representative sample of one-sided experiences that cannot provide consumers with a balanced ...

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