Consumer protection superagency created
Ever had a run-in with a bank or credit card company and wished you could pick up the phone and report the problem to someone? You're getting your wish with this legislation, which requires the consumer protection bureau to create a database of consumer complaints against financial firms. Consumers will be able to file a complaint either by phone through a single toll-free consumer hot line or online.
The complaints will be collected into the database and will be monitored by the bureau. If the complaint concerns an institution covered by another federal or state agency, it will be routed to them.