According to the CFPB, the goal of information-sharing is “to remove artificial barriers that stand in the way of efficient, transparent and effective governance.” With the removal of the barriers, federal and state agencies can now work closer together to better protect America’s consumers.
Under the Dodd-Frank Act of 2010, the CFPB is required to share complaint data with the FTC, as well as other federal and state agencies. Last August, the CFPB signed an agreement with the FTC to add the CFPB’s complaint data to the commission’s pre-existing complaint database.
“We are excited about our collaboration with the FTC, and we look forward to maintaining a close and fruitful partnership,” the CFPB said.
The CFPB has also been working together with state authorities on mutual issues and areas of concern.
“We are meeting regularly to discuss the challenges posed to our mutual constituents by payday loans, foreclosure scams, auto loans and debt collection,” CFPB Director Richard Cordray said, Bloomberg reports. “These substantive groups allow us to keep each other updated and to launch joint initiatives where we share jurisdiction.”
The database is only accessible to law enforcement, and many agencies already share complaint data on the database, including state attorneys general, the FBI’s Internet Crime Complaint Center and the U.S. Postal Inspection Service.