OMB Watch Praises Consumer Financial Protection Bureau Credit Card Disclosure Policy

6/19/2012

PRESS RELEASE
-For Immediate Release-
June 19, 2012

Contact: Brian Gumm, (202) 683-4812, bgumm@ombwatch.org

OMB Watch Praises Consumer Financial Protection Bureau
Credit Card Disclosure Policy


New Database Will Empower Card Users and Hold Financial Companies Accountable

WASHINGTON, June 19, 2012—OMB Watch praised the policy issued today by the Consumer Financial Protection Bureau (CFPB) that establishes a public online database of credit card complaints from customers. The database will empower customers to steer clear of companies that engage in abusive credit practices and fail to respond to complaints.

"The credit card complaint database is a kind of public Angie’s list for consumers," said Katherine McFate, president of OMB Watch. "The policy issued by the CFPB today will help the public make more informed choices about credit cards and expose unscrupulous industry and company practices. This is a great example of how public policies can make corporations more accountable and responsive to their customers."

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OMB Watch is a nonprofit research and advocacy organization dedicated to promoting government accountability and effectiveness and increasing citizen engagement. Find OMB Watch on Facebook and Twitter.