NATNews Blog > June 2016 > Salmon Introduces Bill to Fine Tune CFPB Complaint Database

    Salmon Introduces Bill to Fine Tune CFPB Complaint Database

    6/14/2016 7:59:05 AM
    U.S. Representative Matt Salmon (R-AZ) introduced a bill on June 8 that would require the Consumer Financial Protection Bureau (CFPB) to verify and put into context the consumer complaints they are presenting.
     
    H. R. 5413, the CFPB Data Accountability Act, seeks to amend the Consumer Financial Protection Act of 2010 to provide additional requirements for the consumer complaint website.  It has been referred to the House of Representatives Committee on Financial Services.
     
    “Under current law, the CFPB launched a Consumer Complaint Database that serves as a mechanism to inform the consumer about potentially troublesome institutions,” Salmon said in a statement.  “We owe it to the American people to make this information as accurate and as clear as possible. Unfortunately, the current database is disorganized and does little to provide the American people with important information to inform their decision-making. My bill would improve the current database by requiring the CFPB to verify the facts of each complaint and present this information in an aggregated format so that consumers have better access to CFPB-collected data and can make better decisions about their financial futures.”
     
    The bill seeks to amend Section 1013(b)(3) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493(b)(3)) by adding at the end the following:
     
    (E) WEBSITE REQUIREMENTS.—In establishing and maintaining the website described under subparagraph (A), the Bureau shall comply with the following:
     
    (i) AGGREGATED FORMAT.—With respect to consumer complaint information obtained by the Bureau under this paragraph, the Bureau may only make such information available to the public on the website in an aggregated format and after taking steps to ensure that proprietary, personal, or confidential consumer information is not made public on such website.
     
    (ii) VERIFICATION REQUIREMENT.—The Bureau shall verify any consumer complaint information included under clause (i) where the complaint alleges a violation of a law, regulation, or contractual agreement between a consumer and a covered person who offered or provided the consumer financial product or service to the consumer.
     
    (iii) REPORT OF COMPLAINT PERCENTAGES.—With respect to consumer complaint information about a particular consumer financial product or service, the Bureau may only make such information available to the public on the website if the Bureau accompanies such information with statistics on how many consumer complaints the Bureau receives with respect to the particular consumer financial product or service compared to the total number of consumers making use of such consumer financial product or service.
     
    (iv) QUALITY, OBJECTIVITY, UTILITY AND INTEGRITY OF INFORMATION.—The Bureau shall comply with all guidelines issued by the Director of the Office of Management and Budget pursuant to section 515 of H.R. 5658, as enacted by section 1(a)(3) of the Consolidated Appropriations Act, 2001.