The rise of social media has subjected business to an onslaught of consumer complaints ranging from serious allegations to mundane customer service grumbles. On a daily, even hourly basis, prudent companies assess and respond to complaints on sites like Twitter, Facebook, Yelp, Angie’s List, and thousands of others, including their own Websites.
Thanks to a recently expanded public complaint database maintained by the Consumer Financial Protection Bureau, financial service companies—including banks with more than $10 billion in assets, credit card issuers, money transfer agents, credit bureaus and credit reporting agencies, student loan providers, and auto loan and leasing interests—must also deal with a government-sponsored variation on the theme. In essence, the agency has created a national complaint department window and a pool of 300 million potential whistleblowers.
