Days May Be Numbered for CFPB’s Consumer Complaint Database

From Consumer Reports:

According to individuals familiar with its workings, the Consumer Complaint Database, sponsored by the Consumer Financial Protection Bureau (CFPB), has provided useful information and assistance not only to consumers, but to businesses as well.
The fate of the database was first mentioned yesterday when Bloomberg reported on a memo by Hensarling, an outspoken critic of the CFPB. The memo outlined a new version of the Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs), a bill originally advanced by the House Financial Services Committee in September.
The new bill would lead to the repeal of the Consumer Complaint Database. It would also eliminate the CFPB’s authority to punish unfair, deceptive or abusive practices among banks and other lenders, and it would allow the President to handpick—and fire—the bureau’s director at will.

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