The Consumer Financial Protection Bureau (CFPB) has ceased publishing consumer complaint narratives and visualizations in its Consumer Complaint Database. The move shelves a discretionary policy tool designed to boost market transparency, which some critics contend had unfairly spotlighted unvetted claims of wrongdoing by companies.
“Many years of experience have demonstrated that the utility of such publication is minimal, while often causing confusion and providing misleading data,” the CPFB announced in a website post Friday.
The CFPB said publishing complaint narratives “provides a less-than-representative sample of one-sided experiences that cannot provide consumers with a balanced and accurate view of companies’ compliance with their ...