Finally, we will be able to see complaint narratives filed with the Consumer Financial Protection Bureau

Edgardo Veguilla-Gonzalez, Esq.

Date: July 1, 2015

Beginning on June 25, 2015, the Consumer Financial Protection Bureau (C.F.P.B.) finally made the complaint narratives it receives from consumers publicly available. Previously, it was not possible to find out the exact nature of the complaint of each individual consumer. Those interested could only view statistics on the number of complaints filed against a particular bank or company, and whether they related to mortgage servicing, debt collection, or other topics.

Now, those who represent consumers in actions against mortgage servicers, financial service providers and others, will be able to examine the descriptions of events, known as the "narratives," that led each complainant to bring their action. In these narratives, complainants explain in their own words the issues they are facing and what they are seeking to resolve them.

For a long time, consumer lawyers have been requesting that the CFPB make public the narratives of the complaints it receives, so that abusive practices are brought to light, other consumers can identify similar situations, know they are not alone, and learn from the experiences and strategies of others. Hopefully, subsequent consumers will be more successful in their complaints. Furthermore, and perhaps more beneficial for the community at large, this change allows consumers to know which companies engage in illegal, abusive, and/or deceptive practices, so they can choose not to do business with them.

When certain patterns of conduct become widespread in the complaints filed, the CFPB has the authority to take a variety of actions based on that information, such as drafting regulations, promoting legislation, negotiating, and suing the companies involved in those activities.

If you plan to file a complaint with the CFPB, it will help you to visit the database first. Also, bear in mind that when you file your complaint, if you choose to make your story publicly available, you will be assisting in the fight of other consumers like yourself. Your story may inspire others to report similar abuses.

To read the CFPB release, follow this link.

http://www.consumerfinance.gov/blog/today-we-begin-to-share-the-story-of-your-complaints/?utm_source=facebook&utm_medium=social&utm_term=06252015_y1&utm_campaign=cr

To visit the database and read the narratives, follow this link.

http://www.consumerfinance.gov/complaintdatabase/