When setting up the CFPB, we set out to make the consumer financial marketplace better for consumers. One way to do that was through making government work better - by asking the right questions and being smart about our regulations. Another way was through releasing the complaints we received from people about their financial products (credit cards, bank accounts, mortgages, student loans, credit ratings, etc). We fought the internal - and external - battles to make this happen. Now, over a year later, the impact is clear - banks are paying attention to the complaints they are receiving. They are stepping up their customer service. Creating and communicating their processes. The CFPB is using this data to spot macro trends, as well as pass on the individual complaints. And all of this data is in the public - at least one startup is using it as a part of their product, as well as countless journalists.

1. HOW OPEN DATA IS
MAKING BANKS
BEHAVE BETTER.
REALLY.
FOR REAL.
#strataconf @merici

2. #strataconf @merici

3. #strataconf @merici

4. credit
reportin
g
mortgages
credit cards
bank
accounts +
services
student
loans
payday
loans
car loans
+ other
consume
r loans
debt
collection
#strataconf @merici

5. President Obama to Elizabeth Warren:
Level the playing field for American families and fix the broken
consumer credit market—and do it as quickly and effectively
as possible.
kthnx potus NO BIG DEAL

7. #strataconf @merici

8. #strataconf @merici

9. #strataconf @merici

10. #strataconf @merici

12. AS OF JULY 2013, THE CFPB RECEIVED176,700
COMPLAINTS
#strataconf @merici

13. Customer service FTW (well, generally)
FAQs.
Online!
social
media
monitoring
#strataconf @merici

14. Banks have responded to 97%
of the complaints they’ve
received, and roughly 25% of
customers received monetary
relief as a result. The median
sum consumers have received
is $110.*
*Forbes: Why Banks Are Scrambling To Hear Your Complaints

15. • All letters to consumers are now “common sense”
checked for readability
• Policy to address social media comments within four
hours and any other form of complaints typically
within 24 hours.
That was partly because the bank wanted to let
customers know they could respond faster than the
CFPB
Forbes: Why Banks Are Scrambling To Hear Your Complaints
#strataconf @merici

16. • Online complaint forms (instead of having to call)
• Online customer service chat and email
Forbes: Why Banks Are Scrambling To Hear Your Complaints
#strataconf @merici

17. Response times have
sped up by 3 percent
since the database came
online.
(that’s a good thing)
Data compiled by Bloomberg Businessweek
#strataconf @merici

18. “For the first time, the
companies have a
benchmark to compare
themselves to their
competitors. Previously, they
were acting in a vacuum.”
- Steven Ramirez, CEO of data-mining
consultancy Beyond the Arc
Bloomberg Businessweek
#strataconf @merici

19. “We know that if we
hear about a
particular problem
from 50 consumers,
that likely means it
looms larger than if
we hear about it from
two.”
Richard Cordray,
Director of the CFPB
#strataconf @merici

20. CFPB.GITHUB.IO
#strataconf @merici