Here on Law360. Excerpt:
Companies also benefit from the public database. The database provides important feedback to companies about concerns people have with their products and services. It also helps prevent unscrupulous competitors from undercutting legitimate companies, because all companies know that consumers might call them out for using underhanded tactics. Additionally, policymakers and others leverage the complaint data to analyze trends and identify problems in the marketplace. In short, the public database fosters transparency and improves the marketplace for consumer financial products and services.
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Mulvaney once called the CFPB a “sad, sick joke.” If the CFPB’s complaint database disappears from public view, the joke will be on those who will find it least funny and most painful. Mulvaney will take another step toward turning the CFPB into an agency that is accountable only to big banks and other financial institutions. And Mulvaney — along with his donors — will benefit greatly at the expense of consumers he is supposed to protect.