CFPB Data Accountability Act

To amend the Consumer Financial Protection Act of 2010 to provide additional requirements for the consumer complaint website of the Bureau of Consumer Financial Protection, and for other purposes. 1. Short title This Act may be cited as the CFPB Data Accountability Act 2. Consumer complaint website requirements Section 1013(b)(3) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493(b)(3) (E) Website requirements In establishing and maintaining the website described under subparagraph (A), the Bureau shall comply with the following: (i) Aggregated format With respect to consumer complaint information obtained by the Bureau under this paragraph, the Bureau may only make such information available to the public on the website in an aggregated format and after taking steps to ensure that proprietary, personal, or confidential consumer information is not made public on such website. (ii) Verification requirement The Bureau shall verify any consumer complaint information included under clause (i) where the complaint alleges a violation of a law, regulation, or contractual agreement between a consumer and a covered person who offered or provided the consumer financial product or service to the consumer. (iii) Report of complaint percentages With respect to consumer complaint information about a particular consumer financial product or service, the Bureau may only make such information available to the public on the website if the Bureau accompanies such information with statistics on how many consumer complaints the Bureau receives with respect to the particular consumer financial product or service compared to the total number of consumers making use of such consumer financial product or service. (iv) Quality, objectivity, utility, and integrity of information The Bureau shall comply with all guidelines issued by the Director of the Office of Management and Budget pursuant to section 515 of H.R. 5658, as enacted by section 1(a)(3) of the Consolidated Appropriations Act, 2001. .

Summary: CFPB Data Accountability Act This bill amends the Consumer Financial Protection Act of 2010 to prescribe requirements for the consumer complaint website the Consumer Financial Protection Bureau (CFPB) must establish. The CFPB may only make consumer complaint information available to the public on the website in an aggregated format and after taking steps to ensure that proprietary, personal, or confidential consumer information is not made public. The CFPB must verify any consumer complaint information where the complaint alleges a violation of a law, regulation, or contractual agreement between a consumer and a covered person who offered or provided the consumer financial product or service. The CFPB may only make such information available if the CFPB accompanies it with statistics on how many consumer complaints it receives regarding the particular consumer financial product or service compared to the total number of consumers making use of that consumer financial product or service. The CFPB shall comply with all guidelines issued by the Office of Management and Budget pursuant to the Treasury and General Government Appropriations Act, 2001, as enacted by the Consolidated Appropriations Act, 2001, to ensure and maximize the quality, objectivity, utility, and integrity of information (including statistical information) disseminated by federal agencies in fulfillment of the Paperwork Reduction Act.