CFPB Begins Sharing Complaints with State Regulators

The Consumer Financial Protection Bureau (CFPB) announced this week that it will begin sharing its consumer complaint data with state-level regulators and enforcers in real time.

The CFPB notes that the move is designed so that multiple government agencies can work on consumers’ behalf without them having to file complaints with multiple agencies at different levels of government.

“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 Bureau wrote on its blog.

The CFPB’s complaint system, Consumer Response, currently covers complaints about credit cards, mortgages, student loans, checking accounts, savings accounts, credit reporting, bank services, and other consumer loans. The system is expected to expand to include debt collection complaints sometime in 2013.