WASHINGTON (Reuters) - The new U.S. consumer watchdog agency is launching a website on Tuesday where the public will be able to view complaints made by credit card customers against specific banks and other lenders.
The Consumer Financial Protection Bureau said it is releasing the data to make the market for credit cards more transparent and so the public, researchers and the lending industry will have access to much of the data it receives from consumers.
"Each and every time we hear from American consumers about their troublesome transactions with financial products, it gives us important insight," CFPB Director Richard Cordray said in a statement. "The information helps us and it should be available to help others too."
The banking industry, however, has fought the idea of naming specific
institutions in the public database, arguing that anyone with a gripe,
legitimate or not, can tar the reputation of a card issuer by simply
submitting a complaint to the agency. click here to read more