The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas.

General findings include the following:

  • As of February 1, 2017, the CFPB handled approximately 1,110,100 complaints nationally, including approximately 29,700 complaints in January 2017.
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The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas.

General findings include the following:

  • As of January 1, 2017, the CFPB handled approximately 1,080,700 complaints nationally, including approximately 22,900 complaints in December 2016.
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The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card complaints in July 2014.

Earlier this month, the CFPB issued its long-anticipated final rule for general purpose prepaid accounts. … Continue Reading

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the CFPB taking a rigorous approach to compliance.  

While noting that the CFPB has seen “some progress” in compliance with CFPB mortgage servicing rules,” most notably efforts by certain servicers to adequately staff up effective compliance management programs,”  Director Cordray stated that “many troubling issues persist.” … Continue Reading

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer complaints in April 2013.

General findings include the following:

  • As of September 1, 2016, the CFPB handled approximately 982,400 complaints nationally, including approximately 28,700 complaints in August 2016.
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The CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area.  The CFPB began taking credit card complaints on July 21, 2011, the day on which the CFPB officially opened its doors for business.  In its first and second biennial reports on the credit card market, the CFPB identified deferred interest products and rewards programs as “areas of concern” for consumers.  … Continue Reading

Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints.

The requirements include the following: (1) consumer complaint information could only be presented on the CFPB’s website in an aggregated format, (2) complaint information included in such aggregated information would have to be verified if  the complaint alleges a violation of a law, regulation, or contractual agreement, and (3) complaint information about a particular consumer financial product or service could only be made publicly available on the CFPB’s website if the information is accompanied by “statistics on how many consumer complaints the Bureau receives with respect to the particular consumer financial product or service compared to the total number of consumers making use of such consumer financial product or service.”… Continue Reading

The CFPB has issued its March 2016 complaint report which highlights complaints about debt collection and complaints from Florida consumers.  The CFPB began taking complaints about debt collection in July 2013.

General findings include the following:

  • As of March 1, 2016, the CFPB handled approximately 834,400 complaints, including approximately 22,800 complaints in February 2016. 
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