“Consumers feel powerless,” Foohey said, citing research that found consumers typically don’t seek legal remedies when they’re treated illegally. The CFPB database, she said, “gives people a way to do something about their problems when they may not have done anything.”Some say however that this proposed change is unlikely to become law. Analysts at Washington-based Compass Point Research & Trading said it was “highly unlikely” that Treasury’s proposal would be enacted.—With assistance from Saleha Mohsin in Washington.
This article was provided by Bloomberg News.