CFPB forwarding consumer comments to FTC

Part of the Dodd-Frank Act passed in 2010 requires that the new federal consumer financial watchdog share some of the complaints and comments it receives with a number of other governmental agencies, and it is now doing so.

Complaints and comments sent by consumers to the federal Consumer Financial Protection Bureau will now be shared with the Federal Trade Commission's Consumer Sentinel service, the CFPB recently announced. The Consumer Sentinel is an online database that helps law enforcement officials track and respond to these comments if action is deemed warranted.

"Our goal in sharing complaints with the FTC is to remove artificial barriers that stand in the way of efficient, transparent, and effective governance," Sartaj Alag of the CFPB wrote on the agency's website. "By removing these barriers, we are encouraging agencies to work together to better protect American consumers."

The CFPB's primary goal is to help consumers be more capable of dealing with and safeguarding their finances. An important aspect of this for consumers is to check their credit reports regularly for unfair or incorrect entries that may be taking a toll on their credit standing.