CFPB Report on Credit Card Complaints Released

The CFPB issued a report on the first three months of collecting credit card complaint data. The report provides a complete breakdown of complaints by type, as well as by their progress through the complaint handling system.

The report found the main complaints revolved around consumer confusion, third-party fraud, and factual disputes with the issuer. Raj Date stated:

We are learning that there is a lot of consumer confusion about credit card terms. We will continue to work with consumers, credit card companies, government agencies, and others to improve consumer education and ensure CFPB’s regulation, supervision, and enforcement efforts are effective.

The CFPB is also asking the public for feedback on a proposed policy for releasing consumer complaint data in the future.

Read the CFPB's press release.
Read the CFPB's proposed policy on data disclosure.
Read the Consumer Response Credit Card Interim Report.

See ABA's guide to writing effective comment letters.