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ECT News Community   »   E-Commerce Times Talkback   »   Re: Banks Bemoan Feds' Plan to Publish Complaining Consumers' Stories

Re: Banks Bemoan Feds' Plan to Publish Complaining Consumers' Stories
Posted by: Richard Adhikari 2014-08-21 18:21:53
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The banking industry is up in arms over the United States Consumer Financial Protection Bureau's plan to publish consumer complaint narratives about financial institutions on the Web. Consumers would have to opt in to have their complaints published. The CFPB would strip out all personally identifiable information. The idea is to expand the existing complaint database to include the customer's description of what happened. "In many ways, the narratives are the most insightful part of a complaint," the bureau said.

Re: Banks Bemoan Feds' Plan to Publish Complaining Consumers' Stories
Posted by: teknoscribe 2014-08-21 18:27:25 In reply to: Richard Adhikari
Perhaps Ms. Hawkins should speak to any of the three million people who lost all of their equity in the recent debacle. Trust us, the current system for providing relief is not working very well for anyone except, perhaps, for her clients. The mind stretches when attempting to identify any source of information from the private marketplace that exposes any weakness in a financial institution. I mean, Mr. Nader and his descendants try, but the lawyers still manage to keep things awfully dark. As for the sanctity of personal information, my credit report is available to anyone interested in checking it out, and some of us do just go ahead and publish all of the gory details on our own.

See for an example.

There's not much point in trying to hide the economic scar tissue, eh, Ms. Hawkins?

The article closes with a sound insight, that the bank gets to arbitrarily "close" any complaint without addressing the underlying issue in any substantive way.

See for an example.

Therein, perhaps, we find the real motive for the FSR effort: they simply don't want to talk about what their members actually do about any of the issues discussed in the database, so let's try to poison that well in a pre-emptive (and clumsy) manner.
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