This joint resolution disapproves the Bureau of Consumer Financial Protection’s attempt to withdraw the rule requiring the public disclosure of consumer complaint data.
Elizabeth Warren
Senator
MA
This joint resolution exercises congressional authority to disapprove a rule issued by the Bureau of Consumer Financial Protection. By nullifying the Bureau's attempt to withdraw previous disclosure requirements, the resolution ensures that the original rules regarding the public disclosure of consumer complaint data remain in effect.
Congress Blocks Move to Hide Consumer Complaints: Public Financial Database Stays Open for Business
This joint resolution uses the Congressional Review Act to stop a Bureau of Consumer Financial Protection (CFPB) rule that would have effectively shut down the public’s window into consumer complaints. By formally disapproving of the CFPB’s attempt to withdraw its disclosure requirements, this resolution ensures that the data regarding how banks and lenders treat their customers remains available to the public. Essentially, it hits the 'undo' button on a policy change that would have kept your grievances against financial institutions behind closed doors.
Keeping the Receipts
Since 2013, the CFPB has maintained a public database where you can see if a mortgage company is consistently losing paperwork or if a credit card issuer has a habit of hitting people with mystery fees. The rule being blocked by this resolution was an attempt to stop that flow of information. For a local contractor trying to choose a new business bank or a young couple looking for a fair mortgage lender, this resolution means the 'Consumer Complaint Database' stays live. It keeps the receipts public, allowing you to check a company’s track record before you sign a contract that could affect your finances for the next thirty years.
Transparency as a Tool
This move reinforces a 'sunlight is the best disinfectant' approach to the financial sector. Without this resolution, the withdrawal of disclosure rules would have allowed financial institutions to handle disputes in the shadows, making it harder for researchers and regular folks to spot systemic issues like predatory lending patterns or widespread billing errors. By keeping the April 2013 and April 2015 disclosure standards in place, the resolution ensures that data remains a tool for accountability. While some financial institutions might prefer to keep their customer service hiccups private, this resolution prioritizes the public’s ability to see who is playing fair in the marketplace.