WASHINGTON (AP) – Republican lawmakers want to make private a database of consumer complaints against banks, credit card issuers and other financial services companies.
Industry groups criticize the database as potentially misleading and incomplete. They want to change the law allowing the complaints to be published.
The database is a product of the Obama-era law known as Dodd-Frank, long a target of Republican and industry ire.
Last year consumers filed nearly 300,000 complaints against financial services companies.
The information published includes the date, the consumer’s ZIP code and the company involved. It includes how the company responded, whether it did so in a timely way and whether the consumer disputed the company’s response.
A Georgia Republican, congressman Barry Loudermilk, asks if the purpose of the database is to name and shame companies.
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