|April 9, 2013|
Previously published on March 27, 2013
The CFPB recently released a report entitled “Consumer Response: A Snapshot of Complaints Received” (the Report)1. Release of the Report coincided with the CFPB’s announcement of an expanded consumer complaint database. The Report not only provides information regarding how complaints are processed, but details the number of complaints that are received by the CFPB and the types of complaints received.
From its inception on July 21, 2011 through February 28, 2013, the CFPB received approximately 131,300 consumer complaints that consisted of approximately:
36,600 credit card complaints;
63,700 mortgage complaints;
19,800 bank account and service complaints;
4,600 private student loan complaints;
4,100 consumer loan complaints; and
6,700 credit reporting complaints.
Predictably, most of the complaints, 48 percent of them, were reported to the CFPB via its website. The CFPB received nine percent of its complaints via telephone. Significantly, however, 32 percent of all complaints received by the CFPB were referrals from other regulators and agencies - a source that can only be expected to increase as the CFPB moves to implement greater sharing of information among state and federal law enforcement officials as indicated by Director Cordray in his remarks announcing the CFPB’s expanded consumer complaint database.
1 The complete Report is available at: http://www.consumerfinance.gov/reports/a-snapshot-of-complaints-received-2/