The Federal Communications Commission's release of consumer complaint data is a step in the right direction, but it falls far short of the transparency and accountability full disclosure would bring.Continue reading
Here’s another win for open data. The Consumer Financial Protection Bureau releases data on which banks have the most consumer complaints. Even before the data becomes public officially, banks start improving response times and responding more favorably to customer complaints. That’s the story that’s emerging from the CFPB’s bold decision to make bank consumer complaint data public. This is exactly what open data is supposed to do. It equalizes the balance of power. In this case, it has empowered consumers, and brought accountability to big banks.Continue reading
Despite opposition from the financial industry, the newly minted Consumer Financial Protection Bureau (CFPB) today launched a public database of consumer complaints about credit cards--including the name of the company issuing the card--received since June 1. The beta version of the database is available for viewing and downloading on the agency's website. The Bureau plans to add to and tweak it in the months ahead with complaints about other financial products, such as mortgages, student and other types of loans, and banking charges and fees.
"No longer will consumer complaints only be known to the individual complainant, bank, regulator ...Continue reading