The Consumer Bankers Association and the American Bankers Association have submitted a comment letter setting forth their opposition to the CFPB’s proposed addition of a survey to the current complaint intake form.

In a notice published in the Federal Register in August 2016, the CFPB proposed to add a survey that consumers may choose to respond to, providing their feedback on the company’s response to their complaint.  … Continue Reading

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area.  The CFPB began taking consumer loan complaints in March 2012.  The consumer loan category in the CFPB’s consumer complaint database includes complaints about auto loans and leases, installment loans, personal lines of credit, title loans, and pawn loans. … Continue Reading

The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction.

The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to investigate alleged violations of consumer protection laws. J.G. Wentworth purchases structured settlements and annuities from consumers for lump sums.… Continue Reading

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit reporting in October 2012.  Credit reporting complaints were also the subject of the CFPB’s August 2015 monthly report.… Continue Reading

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011.

General findings include the following:

  • As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016. 
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The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015.

The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 271,600 complaints received in 2015, approximately 71% were received through the CFPB’s website, 7% via telephone calls, 12% via referrals from other agencies and regulators, and the balance via mail, e-mail and fax. … Continue Reading

A new white paper issued by ACA International takes aim at the use of CFPB complaint data by The Alliance for a Just Society in a report titled “Unfair, Deceptive, and Abusive: Debt Collectors Profit from Aggressive Tactics.”

The Alliance’s report concluded that consumer complaints filed with the CFPB “suggest that unfair, deceptive and abusive tactics are prevalent in the debt collection industry.” … Continue Reading

The Department of Education has published a notice in the Federal Register extending the period for comments to be submitted on its plans to create a new Web site by July 1, 2016 for students and borrowers “to file complaints and provide feedback about federal student loan lenders, servicers, collection agencies, and institutions of higher education.” … Continue Reading

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area.  In addition to the major complaint categories consumers can use when submitting online complaints to the CFPB, there is a miscellaneous category labeled “other financial service.” … Continue Reading

The CFPB has issued its December 2015 complaint report which highlights money transfer complaints and complaints from consumers in Georgia and the Atlanta metro area.

General findings include the following:

  • As of December 1, 2015, the CFPB handled approximately 770,100 complaints nationally, including approximately 21,000 complaints in November 2015.  For November 2015, debt collection continued to be the most complained-about financial product or service, representing about 30 percent of complaints submitted. 
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