The Dodd-Frank Act requires the CFPB to share consumer complaint information with the Federal Trade Commission, or FTC, and other state and federal agencies. Last August, the Bureau took the first step towards fulfilling this mandate by signing an agreement with the FTC that allows the CFPB to access consumer complaints in the FTC’s Consumer Sentinel system.
Consumer Sentinel is an online database of consumer complaints maintained by the FTC that helps law enforcement track and respond to consumer complaints.
Recently, the Bureau started sharing its complaints with Consumer Sentinel. The database is accessible only to law enforcement. The CFPB believes adding the CFPB’s complaint data to the database will increase its effectiveness as a law enforcement tool.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.