CFPB Issues Credit Card Transparency Policy

Today, the Consumer Financial Protection Bureau (CFPB) released the final version of a policy that will disclose consumer complaints about credit card companies in an online, searchable database.

In a statement, OMB Watch praised the policy, saying the database will empower consumers and make government more transparent.

Please join OMB Watch and Daily Kos in thanking the Consumer Financial Protection Bureau for standing up for consumers. Tell the agency to keep up the good work and continue its commitment to empowering the public and holding industry accountable.

The final policy is largely the same as the proposal issued by CFPB in December 2011. Many organizations and individuals submitted comments in support of the proposal, including more than 800 consumers who participated in a comment campaign by OMB Watch.

With the new database, consumers shopping for a credit card will be able to read about other customers' experiences in order to avoid bad companies. In addition, transparency will encourage credit card companies to provide better customer service and eliminate hidden fees.

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