The nation’s largest banks and debt collectors are worried that if you learn what people are saying about them, you might like them less. And that wouldn’t be fair, they say.
The financial sector is fighting a Consumer Financial Protection Bureau proposal that would have the agency publish complaints submitted by people who feel they have been mistreated by a lender, debt collector or other financial institution. As it now stands, the agency publishes some small amount of information about the more than 290,000 complaints it has received from aggrieved consumers, but has refused to release the full narratives — essentially, the details.
Under the new policy, consumer names would be redacted and banks and other financial institutions would have a chance to publicly respond to or refute any allegations. People who file a complaint would have to opt in to having their narrative published on the CFPB’s website.
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