complaints

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Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an opportunity to recommend which option, if any, from a “set list of structured company response options” it wanted to include as a public-facing response to a complaint. … Continue Reading

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014.

The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 250,200 complaints received in 2014, approximately 67% were received through the CFPB’s website, 9% via telephone calls, 15% via referrals from other agencies and regulators, and the balance via mail, e-mail and fax. … Continue Reading

The CFPB has adopted its controversial proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database.  Its plans for disclosing the narratives are set forth in a final policy statement.   According to the Federal Register document announcing the policy statement, the CFPB will not disclose any narratives for at least 90 days after the statement’s publication in the Federal Register. … Continue Reading

The CFPB has issued a “Snapshot of reverse mortgage complaints” covering complaints submitted to the CFPB from December 2011 (when the CFPB began accepting consumer complaints on reverse mortgages) through December 2014.

According to the report, the CFPB handled approximately 1200 reverse mortgage complaints during that period.  The issues those complaints involved and the percentage of such complaints that dealt with each such issue were as follows: problems when unable to pay (38%), making payments (32%), applying for the loan (18%), signing the agreement (10%) and receiving a credit offer (3%).… Continue Reading

The American Bankers Association (ABA) has sent a letter to the Office of the Inspector General (OIG) urging it to expand two of its ongoing CFPB projects: an audit of the CFPB’s public consumer complaint database and a security control review of the CFPB’s DT complaints database (which supports the public consumer complaint database).… Continue Reading

Last week, the CFPB published a Federal Register notice stating that it was developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints.  Although the CFPB’s proposed form, the “Company Portal Boarding Form,” was not available when the notice was published, the proposed form as submitted by the CFPB to the Office of Management and Budget can now be viewed.… Continue Reading

The CFPB’s Office of Older Americans has issued a report titled “a snapshot of debt collection complaints submitted by older consumers,” which provides information drawn from complaints submitted to the CFPB from July 2013 to September 2014.  For purposes of the report, a complaint submitted by an “older consumer” is one that was submitted by or on behalf of someone who voluntarily reported their age as 62 or older.… Continue Reading

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough.  The Reporters Committee and eight news organizations have submitted a comment letter asking the CFPB to remove from its proposal the requirement for a consumer to consent to disclosure of his or her narrative. … Continue Reading

The Financial Services Roundtable has launched as multimedia campaign to challenge the CFPB’s proposal to expand the consumer complaint data that it publicly discloses to include complaint narratives.

In its announcement of the campaign, the Roundtable called the proposal a “plan that may misinform consumers by posting unverified, anonymous and potentially inaccurate complaints about financial services companies on a government website.” … Continue Reading

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives.  In a statement released on July 29, 2014, the CFPB states that it is extending the deadline for comments to be filed from August 22, 2014 to September 22, 2014, 60 days from the date the proposed policy was published in the Federal Register.… Continue Reading