April 30, 2018
Contact: NCL Communications, Carol McKay, email@example.com, (202) 207-2831
Washington, DC–In response to reports that Mick Mulvaney, Director of the Consumer Financial Protection Bureau, wants to close down the public database of consumer complaints, the NCL has issued the following statement:
We call on Director Mulvaney and the CFPB to maintain the transparency and access to useful information provided by this database. When consumers share their experiences with other consumers, companies listen and often fix the problems.
The database’s benefits are many, including:
- Providing an incentive to companies address problems
- Allowing consumers to choose which companies they wish to do business with
- Allows the CFPB to spot patterns of behavior or abuse in the financial industry
Indeed, the Bureau’s investigation of Wells Fargo bank came as a result of a wave of complaints submitted to the CFPB database. The same is true for debt collectors, loan servicers, mortgage lenders and credit card companies.
CFPB’s database is popular with consumers and it makes the market work more efficiently. Shutting off access will hurt consumers and is short sighted. We call on Mr. Mulvaney to reconsider this policy decisions for the benefit of consumers and for the efficiency of the marketplace
About the National Consumers League
The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit https://nclnet.org.