December 11, 2012 the CFPB announced plans to share data from those complaints with state regulatory agencies. They currently have a database to collect complaints on credit cards, mortgages, student loans, checking accounts, savings accounts, credit reporting, bank services, and other consumer loans.
When a consumer files a complaint, we screen it to make sure that it’s complete and not a duplicate of another complaint we’re already working on for that consumer. Next, we send it to the company in question and ask them to reply to the complaint within 15 days and expect them to close all but the most complicated complaints within 60 days. After the company responds, we publish a selection of the data (with information identifying the consumer removed) in our public Complaint Database.
According to the CFPB website their “goal in sharing consumer complaints with state agencies is to enhance efficient, transparent, and effective government to better protect American consumers”
Initially consumer complaints will be shared via a secure channel that protects the confidentiality of personally identifiable information. In the future, they are planning on building ways to accept complaints and information from the agencies as well, and to make the data available to other federal agencies, state attorneys general, local agencies, congressional offices as appropriate, and other governmental organizations like the California Monitor (a program of the California Attorney General) and the Office of Mortgage Settlement Oversight.