The consumer complaint database maintained by the Consumer Financial Protection Bureau (CFPB) has been the center of myriad discussions about privacy and data security concerns. Acting director Mick Mulvaney quipped during a recent speech that nothing in the Dodd-Frank Act requires him to “run a Yelp for financial services sponsored by the federal government.”
Some in the industry support Mulvaney’s stance on the database’s public status and its potential negative side effects for businesses. Proponents of keeping the complaint records public argue that doing so is paramount from a transparency and accountability standpoint.
Find out more about the arguments for and against the public status of the database.