Public Disclosure and Consumer Financial Protection
研究发现美国消费者金融保护局公开银行投诉数据库后，收到更多投诉的银行在本地市场的抵押贷款申请减少，且该效应在消费者更成熟、信贷竞争更激烈的地区更强，表明公开披露能加强市场纪律和消费者保护。
Abstract The U.S. Consumer Financial Protection Bureau has released a database of consumer complaints about banks’ financial products to the public since 2013. We find a greater reduction in mortgage applications to banks that receive more mortgage complaints in local markets after the disclosures. The effect is stronger in areas with more sophisticated consumers and higher credit competition, and for banks receiving more severe complaints. The number of monthly mortgage complaints per bank exhibits faster mean reversion after the publication of the database. These findings suggest that the public disclosure of mortgage complaints enhances product market discipline and consumer financial protection.