CFPB Publishes Credit Card Complaint Database over Industry Objections

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Byline: Kate Davidson

WASHINGTON a The Consumer Financial Protection Bureau will begin publishing credit card complaints today in a searchable database, allowing the public for the first time to scrutinize the way individual banks handle complaints.

Industry groups have warned that consumer complaints are subjective, unverified and irrelevant, and said identifying the banks involved serves no public policy, but could significantly harm their reputation. Some even suggested the bureau doesn't have the legal authority to release such detailed data.

But agency officials defended the release of the information, which Director Richard Cordray said will be easily searchable and widely available to consumers.

"We believe the disclosure of this data not only serves the public interest, but promotes the …