Woodstock Institute wrote to Acting Director of the Consumer Financial Protection Bureau (CFPB) Russel Vought imploring the Bureau to continue use of its consumer complaint database. In addition to providing a central hub for both consumers and companies to communicate about practices harming consumers in the financial sector, the public database of complaints helps all stakeholders identify industry trends and emerging issues.
The inner workings of the financial system are an opaque mystery to the typical consumer. When a problem arises, having a clear route for the consumer to reach the company in question – a route that inherently has a level of accountability and visibility built in, as the complaint database does – benefits all those involved and helps our financial system operate more smoothly.
