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CFPB Puts Database of Consumer Complaints Online
June 21, 2012
Corporate Counsel and New Jersey Law Journal
Banking lawyer Andrew Campbell is quoted in this article on the Consumer Financial Protection Bureau’s newly launched Consumer Response Database. The database serves as a repository of consumer complaints about companies. Currently, the bureau is focused on collecting data on credit card companies.
That will pose difficulties for banks and credit card issuers, says Andrew Cambell, counsel in the Financial Institutions Group at Ober|Kaler in Baltimore and former in-house counsel at Sallie Mae and Wells Fargo. "The data is unverified," he says, adding that "there’s going to be a presumption that where’s there’s smoke, there’s fire."
Cambell also believes that the bureau’s complaint mechanism will likely facilitate class action litigation by consumers and consumer advocates, and that the data collected will influence the agency’s examination schedule of banks and issuers.
"It definitely adds heat to the CFPB’s enforcement agenda," Campbell says.