The CFPB announced plans last week to share complaint data on mortgages, banking products and accounts, credit reporting, credit cards and other consumer financial products with state regulators.
The plan is intended to increase coordination between the CFPB and state agencies and make the complaint process easier for American consumers.
“By providing real-time access to our growing database of consumer complaints, state government agencies will have a more complete picture of the markets for consumer financial product or services and be able to help more consumers in their state,” the CFPB said.
The CFPB will initially share the complaint data using a secure channel that will protect the confidentiality of consumers’ personal information.
After a consumer files a complaint, the CFPB screens the complaint to prevent duplication of open investigations into existing complaints. The CFPB will then send the complaint to the firm named in the complaint, asking the company to respond within 15 days and resolve all but the most complicated consumer complaints within 60 days.
After the firm submits a response, the CFPB publishes the complaint data, minus identifiable personal information, in its complaint database.
“Our goal in sharing consumer complaints with state agencies is to enhance efficient, transparent and effective government to better protect American consumers,” the CFPB said. “This new capability is yet another example of the good government principles of cooperation and coordination in action.”