Financial Institutions - Complaint Database and Analysis - Required

SB 696 requires Maryland's Office of Financial Regulation to create a public database on its website for consumer complaints against financial institutions involving unfair, abusive, or deceptive practices. The database must include consumer-written narratives (with personal details redacted), be searchable by key metrics, and updated regularly for public access. It also mandates quarterly published analyses of complaint trends and resolutions. This directly affects Maryland consumers who file complaints and financial institutions subject to public scrutiny, aiming to increase transparency about financial service issues. The bill does not change how complaints are handled but makes the data publicly available and analyzable.