News Column

Feds seek to air consumer finance complaints

July 16, 2014

JEFF HORWITZ, Associated Press

WASHINGTON (AP) The federal Consumer Financial Protection Bureau has heard from hundreds of thousands of consumers who feel wronged by banks and finance companies. Now the agency wants the public to hear from those consumers, too.

On Wednesday, the Bureau proposed allowing consumers to publish online the details of their complaints against lenders and financial service providers. Those narratives would augment the Bureau's consumer complaint database, which lists complaints about checking accounts, credit cards, student loans and other financial products.

Agency director Richard Cordray said the proposal would give "consumers an opportunity to be heard by the entire world and not simply by a government agency and its officials." Cordray's remarks were prepared for a Thursday event in El Paso, Texas.

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Source: Associated Press

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