THE FEDERATION OF STATE PIRGS
One of the best resources for consumers needs our defense.
The Consumer Financial Protection Bureau’s Complaint Database is an online tool where you can submit a consumer complaint, and get a direct response back from financial companies you feel have wronged you.
Over the last four years, we’ve used the public database to write a series of reports that uncovered patterns in consumer problems in the financial services industry, including predatory loans, mortgages and overdraft fees.1 But now, some in Congress want to effectively shut down this valuable resource.2
Ever since we helped create the CFPB, we’ve pushed for the creation of the database, and for improvements to make it even more valuable for consumers.
We think these complaint stories help other consumers decide where to do business, help other firms avoid bad business models, and help independent researchers (like us!) better analyze marketplace practices that are unfair.
The CFPB’s director also championed our work, saying, “PIRG and others are already beginning to ‘scorecard’ companies based on this data, and we want to encourage more of that.”3
U.S. PIRG Executive Director
1. “Reports: The CFPB Gets Results for Consumers,” Updated Dec. 2016, U.S. PIRG
2. Gregory Roberts, “Republican Bill Could Draw the Shutters on the CFPB Complaint Database,” Jan. 9, 2017, Bloomberg BNA
3. Mike Litt, “How the CFPB’s Data Keeps Getting Better and Better,” July 17, 2015, U.S. PIRGSource: U.S. PIRG
Federal Advocacy Office: 600 Pennsylvania Ave. SE, 4th Fl., Washington, DC 20003