The federal regulatory agency that publishes a public database of consumer complaints is poised to scuttle the service in response to long-standing pressure from financial companies. Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, testified to Congress recently, “I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government.” (The New York Times, April 25, 2018, by Stacy Cowley)
The agency is asking the public to give its input on the complaint process and whether third parties such as lawyers should still be allowed to submit complaints for clients. The database is valued as a way for the public to get information about a company or product and see who is treating consumers fairly. (MarketWatch, April 14, 2018, by Maria LaMagna)