The Consumer Financial Protection Bureau (CFPB) announced that it will no longer publish what it describes as “unverified complaint narratives and visualizations” submitted against financial services companies.
In a press statement, the agency claimed these consumer-submitted complaints were often confusing and contained misleading data. The CFPB also stated “these unverified allegations do not always describe violations of the law and the complaint process does not verify the allegations in each consumer’s complaint narrative,” adding that the submissions created “one-sided experiences that cannot provide consumers with a balanced and accurate view of companies’ compliance with their legal obligations.”
The agency will continue to collect and review consumers’ complaints and share them with other agencies. Previously published narratives will be relocated to the CFPB Freedom of Information Act (FOIA) Reading Room and will be available to the public for FOIA purposes.
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