Financial Services Roundtable Takes Aim at “CFPB Rumors”

From: Assocaitions Now

The Consumer Financial Protection Bureau is looking to expand the information it supplies to the public on consumer complaints about financial services firms. But a key trade group says the effort will create a distorted picture of the industry.

Before the Consumer Financial Protection Bureau (CFPB) goes forward with its plan to add to its online Consumer Complaint Database anonymous, detailed narratives about financial institutions, a key trade group in the sector would like to air its point of view.

This week, the Financial Services Roundtable (FSR) launched a new website, “CFPB Rumors,” which claims that the agency is creating a place for misinformation to be spread to the public.

“The CFPB’s plan will feature only one side of the story, and such one-sided accounts will not advance the CFPB’s mission of better informing and helping consumers,” the FSR’s president and CEO, former Minnesota Gov. Tim Pawlenty, said in a statement.

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