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Financial Services Law Insights and Observations

CFPB Provides Additional Details about Certain Information-Sharing Activities

CFPB State Attorney General Consumer Complaints

Consumer Finance

On December 11, the CFPB announced plans to share consumer complaint data with state regulatory agencies. The CFPB explained that it is providing “real-time access” to its database of consumer complaints in a manner that will protect any personally-identifiable information. Further, the CFPB plans in the future to accept such information from state agencies, and to make data available to other federal agencies, state attorneys general, local agencies, congressional offices, and other governmental organizations like the California mortgage settlement monitor and the national mortgage settlement monitor. This announcement follows a December 6, 2012 Statement of Intent issued by the CFPB in which it describes how it is coordinating broader information-sharing efforts with state banking and financial services regulators, including with regard to enforcement matters.

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