CFPB Consumer Complaint Database May Become A One-Sided Gripe Fest

The Consumer Financial Protection Bureau (CFPB) is modifying its complaint database so that consumers can post narratives about their experiences with financial service providers.  According to the CFPB's release, available at http://www.consumerfinance.gov/newsroom/cfpb-finalizes-policy-to-give-consumers-the-opportunity-to-voice-publicly-complaints-about-financial-companies/, the purpose of the database enhancement is to help consumers make informed choices and identify market trends.  But the implementation could result in a more harmful than helpful exchange of information due to lack of oversight or the opportunity for providers to meaningfully respond to complaints.  Specifically, the CFPB may not adequately monitor the content posted, and may not have sufficient protections in place to ensure its accuracy.  In addition, providers will have a limited opportunity to respond to complaints and may not be able to dispel falsities or explain why a situation is unique to a