Better Markets filed a Comment Letter with the Consumer Financial Protection Bureau in response to a Request for Comment on the “Consumer Complaint Intake System Company Portal Boarding Form.”

Why It Matters.  The CFPB’s Consumer Complaint Database, which publicly collects and lists consumer complaints against financial services companies, is one of the most effective tools available to consumers in the financial marketplace. Using the public database, the public can review specific complaint narratives, examine how companies responded, and use this information to make informed decisions about which financial providers to trust. This database empowers the public, deters misconduct, improves compliance, and provides early warnings of emerging risks to both regulators and consumers alike.

What We Said. We welcome efforts to lessen some of the burdens of compliance for companies subject to the database, but we warn against any reforms that would reduce public access or limit the utility of consumer-submitted narratives. The collection, processing, and public display of this complaint data is a vital element of the Bureau’s mission to ensure that consumers are well informed and treated fairly in the financial marketplace.

Bottom Line. By promoting transparency, enhancing accountability, and empowering consumers with actionable information, the database delivers measurable benefits to regulators, researchers, financial institutions, and consumers alike.