Days may be numbered for consumer complaint database

Source: Tobie Stanger, Consumer Reports

A government complaint database that helps consumers resolve grievances with financial institutions is one of several services that could soon be eliminated, according to a memo by House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Tex), which was leaked to the press yesterday.

The new bill would lead to the repeal of the Consumer Complaint Database. It would also eliminate the CFPB's authority to punish unfair, deceptive or abusive practices among banks and other lenders, and it would allow the President to handpick—and fire—the bureau's director at will.

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