Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Bill would make Maryland regulator publish searchable consumer complaints if CFPB goes dark
Summary
SB 696 would require the Maryland Office of Financial Regulation to build a publicly accessible complaints database so consumer reports about banks and other regulated entities remain discoverable if the CFPB portal is curtailed; OFR supports the goal but sought amendments to limit PII burden and implementation costs.
Senator Jackson’s staffer Brian Powell asked the Senate Finance Committee to give SB 696 a favorable report, saying the bill would require the Office of Financial Regulation to create and publish a database of consumer complaints about financial institutions so Maryland residents and advocates can track patterns of unfair or abusive practices.
The bill, Powell said, is a state contingency plan in case federal systems such as the Consumer Financial Protection Bureau’s complaint portal stop operating or shrink their coverage. “If the CFPB’s complaints database stops being operational or being updated,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
