The CFPB has not received as many complaints on credit cards as anticipated when it began operations last year, CFPB Director Richard Cordray told the Senate Banking Committee during a hearing yesterday on the agency’s semiannual report to Congress.
The bureau started a consumer response system in July 2011, and began by taking complaints on credit cards. It expanded the system to include mortgages in December, and then bank accounts, private student loans, and consumer loans last March.
Cordray attributed the lower-than-anticipated volume of credit-card complaints to the industry’s efforts to improve customer service, and also to the 2009 Credit Card Act that banned a number of practices that some lawmakers considered abusive.
Read Cordray’s testimony.