Eliminating Fraud in the CFPB’s Complaint Database Act

This legislation aims to improve the integrity of the Consumer Financial Protection Bureau's (CFPB) complaint database by requiring consumers to attest under penalty of perjury to the accuracy and authenticity of their submissions. It mandates that complaints must be submitted directly by the consumer or a properly authorized representative, and that consumers must first inform the relevant financial institution of their issue at least 60 days before filing with the Bureau. The bill also grants financial institutions the authority to close certain complaints without further action , including those deemed duplicative, frivolous, unauthorized, or already remedied. Companies are required to notify the CFPB of such closures and their reasons, which will be recorded in the database. Finally, the legislation ensures that the narrative content of complaints and company responses remains confidential and is not publicly published. While individual narratives are protected, the CFPB may still publish aggregated data and trend analyses, provided they do not include personally identifiable information or specific narrative content that could identify individuals or companies.