To: Richard Cordray, Director, Consumer Financial Protection Bureau
Support the CFPB’s Breakthrough Proposal on Consumer Complaints
Dear Director Cordray,
We urge you to move ahead with your proposal to let consumers go public with the specifics of their complaints about credit cards, mortgages, payday loans and other financial products and services.
With consumers allowed to post their stories, and companies to report their responses, the CFPB’s complaint system will become an invaluable resource. Consumers will be able to learn about others’ experiences, bad and good, and make more informed choices. And the big banks and lending companies will have an added incentive to compete by trying to meet their customers' needs, not by trying to put something over on them.
We urge you to move ahead with your proposal to let consumers go public with the specifics of their complaints about credit cards, mortgages, payday loans and other financial products and services.
With consumers allowed to post their stories, and companies to report their responses, the CFPB’s complaint system will become an invaluable resource. Consumers will be able to learn about others’ experiences, bad and good, and make more informed choices. And the big banks and lending companies will have an added incentive to compete by trying to meet their customers' needs, not by trying to put something over on them.
Why is this important?
Once again, Wall Street is going all-out to block the work of the Consumer Financial Protection Bureau (CFPB), the new agency created to bring basic standards of fairness and transparency to the banking and lending markets. And once again, the CFPB needs to hear a strong expression of public encouragement and support.