Political Quotes

“This amendment would take the widely successful consumer complaint database dark, hiding from the public how consumers report personally being harmed by financial institutions. The Dodd-Frank Act required the CFPB to establish a consumer complaint database to provide consumers with the opportunity to report complaints about financial products and services. A public database empowers consumers to seek redress when harmed and benefits the public by providing firsthand stories to help other consumers to avoid similar harms. A public database also promotes market discipline and encourages financial firms to treat their consumers fairly. The Consumer Financial Protection Bureau has received over 1.5 million consumer submissions, with a 97 percent response rate by financial firms to the consumer complaints. {time} 1415 This means that the American people know, need, and use this function. Taking this away from the public only harms hardworking people in need of help and benefits the bad actors. Through its research, education, market monitoring, and the much-used consumer complaint database, the CFPB has been able to directly address problems in the market and issues that directly harm hardworking families. This is especially useful for the millions of consumers who, unfortunately, do not have the financial means, time, or access to the judicial court system.…”