US watchdog launches new banking website

19 June 2012

Consumers in the US will be able to view complaints made against banks on the grounds of their credit card practices, a watchdog has announced.

The Consumer Financial Protection Bureau (CFPB) has today (19 June) launched a new website that will provide details of grievances raised by customers regarding specific financiers and other lenders and how they have dealt with credit card issues.

This portal has been set up to make the American financial system more transparent and provide people with more information on how companies handle complaints they receive from customers.

Although the naming the banks concerned has been met with opposition from the companies themselves on the basis the process is open to abuse and could tarnish their reputation, director of the CFPB Richard Cordray has insisted it will be helpful.

"Each and every time we hear from American consumers about their troublesome transactions with financial products, it gives us important insight," he added.

By Claire Archer

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