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The Consumer Complaint Database is a comprehensive collection of complaints related to consumer financial products and services. These complaints are initially submitted by consumers and then forwarded to the respective companies for a formal response. The process ensures that companies are given an opportunity to address the issues raised by consumers.

Complaints are published in the database under specific conditions: either after the company has responded to the complaint, confirming that there is a commercial relationship with the consumer, or after a period of 15 days has elapsed, whichever comes first. This approach allows for timely transparency and accountability, ensuring that consumer grievances are publicly accessible while also giving companies a fair chance to resolve issues.

It's important to note that not all complaints are published in the Consumer Complaint Database. For example, complaints that are referred to other regulatory bodies are excluded. This includes complaints about depository institutions with less than $10 billion in assets, which fall under the jurisdiction of other regulators and are therefore not included in the database.

The Consumer Complaint Database is generally updated on a daily basis, providing a current and evolving record of consumer complaints. This ongoing update process ensures that the information remains relevant and useful for consumers, researchers, and policymakers who rely on the database to understand and address issues in the financial marketplace. By maintaining this database, we aim to promote greater transparency and accountability within the financial services industry, ultimately benefiting consumers and fostering trust in the financial system.