US Consumer Bureau Opens Online Credit Card Complaint DB 162
chiguy writes "The Consumer Financial Protection Bureau begins releasing detailed information on Americans' complaints about their credit cards online. From The Washington Post: 'The CFPB said it will only publish complaints after it has verified the consumer's relationship with the company. The new database will include not only the name of the company involved, but also the nature of the complaint and the consumer's Zip code. It will also report whether the firm responded in a timely manner, how the matter was resolved and any disputes. The CFPB said it has received more than 45,000 in the year since the bureau was launched.' Complaints about mortgages, student loans, and checking accounts will be added later. Financial institutions are complaining loudly, decrying the enforcement of one of the main tenets of the free market: transparency."
Seriously ?!?!?!?! (Score:5, Insightful)
Re:This is why the big banks hate the CFPB (Score:4, Insightful)
they know that Capital One is a bad deal
As a non-customer of cap one, for years (decades?) they sent me bi-weekly physical mail spam trying to get me to sign up. I worked at a commercial printing shop that occasionally printed and even mailed paper spam 20 years ago and I figure they're in the hole at least $500 cost of sales on me, so if I ever become a customer there's probably some data mining process that'll find some way to make $500 plus a hefty profit off me. Those TV commercials are not cheap either. I fail to imagine how anyone could think they'll be a good deal, other than maybe some momentary bait and switch sales tactic.
Any time you see a cost of sales of $X realize unless they're a charity or political campaign (I'm looking at you, Ron Paul) they expect to earn n * $X gross profit where n is probably pretty big.