The CFPB has finalized a controversial policy proposal which will lead it to release narratives consumers agree to have shared on the Bureau’s complaint data base after it does its best to scrub out personally-identifiable information. In a change from the proposal, financial institutions will be given a chance to release a response to these narratives also on the Bureau’s complaint database, giving what the CFPB believes is an opportunity to the industry to reply and presenting a more complete picture of these disputes. In addition, the Bureau is also soliciting comment on allowing consumers to post positive narratives, a move industry commenters believed would make the site more analogous to social media and provide a fairer picture of their customer interactions. However, the Bureau might collate these reports in ways that provide governmental ratings on firms, potentially creating new reputational risk.
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