BREAKING NEWS Redding woman and Chico man injured during La Porte snowmobile crash Full Story

Mick Mulvaney wants to shut public out of CFPB's 'Yelp' of bank complaints

For years, the government has operated a database of complaints about banks, mortgage lenders and student-loan servic...

Posted: Apr 25, 2018 8:08 AM
Updated: Apr 25, 2018 8:08 AM

For years, the government has operated a database of complaints about banks, mortgage lenders and student-loan service providers. But you might not be able to look through it much longer.

Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Tuesday that he doesn't want to keep the contents of the database open to the general public.

"I don't see anything in here that says I have to run a Yelp for financial services sponsored by the federal government," Mulvaney said at a banking industry confidence, with a copy of the 2010 Dodd-Frank legislation that established the CFPB in hand.

The CFPB database contains hundreds of thousands of grievances against financial services companies.

Consumers can submit complaints about a financial product or service to the CFPB, which passes them on to the companies involved. The companies then have 15 days to respond.

Once a company replies or the 15-day period lapses, the complaints are published online in a public complaint database, excluding any personal or identifiable information.

Mulvaney said that he would keep the database running, as required by law, but was under no obligation to publicly post all the data collected.

Related: CFPB chief is tired of people calling his agency by the wrong name

Earlier this month, the CFPB put out a 90-day call for comment on how it handles consumer complaints and questions.

Financial firms have long complained about the CFPB database, which they say makes them look bad even in situations when they didn't do anything improper.

"Commenters have objected that the database may provide misleading or incomplete information to consumers because it does not indicate whether a complaint reflects dissatisfaction with legitimate terms of service, as opposed to actual wrongdoing," the Treasury Department said in a report released in June.

In the report, the department recommended that the data should only be visible to federal and state regulators.

Mulvaney's moves to remodel the CFPB database are only his latest attempts to change the agency's direction.

Under Mulvaney's leadership, the CFPB has dialed back many of the its enforcement efforts. The agency has revisited payday-loan rules and dropped lawsuits against payday lenders.

-- CNNMoney's Kathryn Vasel contributed to this report.

California Coronavirus Cases

Data is updated nightly.

Cases: 3592560

Reported Deaths: 53854
CountyCasesDeaths
Los Angeles120012821916
Riverside2909043892
San Bernardino2875133116
San Diego2623603371
Orange2622414075
Santa Clara1114601822
Kern104057937
Fresno960231466
Sacramento941291510
Alameda811681285
Ventura78184883
San Joaquin672841182
Contra Costa63142701
Stanislaus56602957
Tulare48203770
Monterey42373329
San Mateo39225525
San Francisco34480426
Santa Barbara32267422
Solano30305167
Merced29376413
Sonoma28379303
Imperial26946641
Kings22150227
Placer20035232
San Luis Obispo19835246
Madera15596214
Santa Cruz14790187
Marin13337198
Yolo12895185
Shasta11102179
Butte11033169
El Dorado9204100
Napa909475
Sutter892398
Yuba579539
San Benito578161
Lassen563324
Tehama511852
Nevada402274
Tuolumne397259
Mendocino383444
Amador348041
Humboldt326633
Lake318141
Glenn223623
Colusa214213
Calaveras192849
Siskiyou179014
Inyo133437
Mono12194
Del Norte10205
Plumas6546
Modoc4604
Mariposa3957
Trinity3735
Sierra1000
Alpine840
Unassigned00
Oroville
Clear
46° wxIcon
Hi: 62° Lo: 43°
Feels Like: 44°
Oroville
Clear
46° wxIcon
Hi: 59° Lo: 45°
Feels Like: 44°
Auburn
Clear
43° wxIcon
Hi: 53° Lo: 38°
Feels Like: 39°
Red Bluff
Partly Cloudy
40° wxIcon
Hi: 39° Lo: 20°
Feels Like: 37°
Red Bluff
Clear
40° wxIcon
Hi: 56° Lo: 39°
Feels Like: 37°
Oroville
Clear
46° wxIcon
Hi: 63° Lo: 39°
Feels Like: 44°
This weekend's weather is nice but active weather is headed our way Monday through Wednesday. This will include rain, low elevation snow and the chance for valley thunderstorms.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events