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Friday, July 18, 2014

CFPB Releases Latest Consumer Response Report

The CFPB has released its latest report on consumer complains, Consumer Response: A Snapshot of Complaints Received: July 21, 2011 through June 30, 2014.

The CFPB accepts consumer complaints on a range of topics including: credit cards, mortgages, bank accounts and services, private student loans, other consumer loans, credit reporting, money transfers, debt collection, and payday loans. The report notes the “CFPB continues to work toward expanding its complaint handling to include other products and services under its authority, such as prepaid cards.”

Between July 21, 2011 and June 30, 2014 , the CFPB received approximately 395,300 consumer complaints. The majority of the complaints are related to mortgage issues (34%) followed by complaints regarding debt collection (20%) and credit cards (14%). Approximately 56% of all consumer complaints were submitted through the CFPB’s website and 10% via telephone calls.

The CFPB recently proposed adding consumer narratives to the publicly available material in its consumer complaint database. ABA SVP Richard Riese noted that “While the banking industry is committed to helping consumers make informed and responsible financial decisions, public disclosure of unverified consumer complaint narratives doesn’t advance that goal and raises significant consumer privacy issues.”

Read the full report.

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