BENJY SARLIN JUNE 19, 2012, 12:55 PM 1815
After dodging countless attempts by Republicans to prevent its creation and then hamstring its operations, the Consumer Financial Protection Bureau is up and running. And they want to show Americans just what it is that they do with their time.
The consumer watchdog unveiled a new online database of all the complaints they’ve received about credit card companies since they opened shop last year, with detailed information on the nature of the various disputes and how they ended up being resolved. The list is expected to expand in the future to include data on mortgage and student loan complaints. The names of the consumer complainants are not revealed.
CFPB on Tuesday also rolled out a select sampling of real-life consumers helped by the bureau so far, in an effort to put a human face on the database’s vast spreadsheets of numbered case references.
Credit card companies aren’t happy with the move, claiming banks will be unfairly tarred with crackpot complaints along with legitimate disputes without enough context for users to fairly evaluate the circumstances. But the CFPB is promoting the new database of their 45,630 complaints so far as a way to “improve the transparency and efficiency of this essential consumer market” its director, Richard Cordray, said in a statement. According to the CFPB, companies have responded to 89 percent of complaints passed on to them.