How Financial Companies Handle Angry Customers

26. November 2017.

If Donald Trump satisfies Republicans’ demands to defang the Consumer Financial Protection Bureau, it will be unfortunate for the regular folk whose interests the president promised to defend. It might be sweet, though, for the banks and other companies on whose customer-service practices the bureau has shed unwelcome light.

The financial industry has long opposed one of the CFPB’s most notable innovations: a public database that registers and tracks complaints about services such as mortgages and credit reporting. The bureau receives grievances and passes them on to companies, giving them 15 days to respond before the outcome is published. This has created pressure to be more responsive, and provided recourse for consumers who previously had nowhere to go.

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