CFPB, Federal Agencies, State Agencies, and Attorneys General
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:
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:
The CFPB has released an overview of an updated online company portal for viewing and responding to consumer complaints that it plans to launch in early 2017.
The overview is intended to serve “only as a first glance at the updated system and is designed to highlight key Portal updates and changes.” … Continue Reading
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:
The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area. The CFPB began taking bank account or service complaints on March 1, 2012.
As noted below, the report indicates that consumers commonly complain about the use of consumer and credit reporting data for account screening. … Continue Reading
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:
