D.C.— Amanda Fischer, Policy Director & COO for Better Markets, issued the following statement in connection with the Consumer Financial Protection Bureau (CFPB or Bureau) deciding to cease publication of narrative complaints submitted by consumers to the Bureau:
“CFPB leadership today decided to silence consumers so that Wall Street and Big Tech can hide the tricks and traps they use to extract fees from hardworking Americans. By ceasing the publication of consumer stories about how financial services companies may have wronged them, they’re keeping Americans in the dark and unable to shop around to find honest companies with whom to do business.
“Eliminating the Bureau’s consumer complaint database has been a goal of the biggest banks and tech companies since the CFPB was established. Today, they got their wish. The result is more junk fees for American consumers and an uneven playing field for businesses that treat their customers right.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more.To learn more, visit www.bettermarkets.org.
