Reading between the lines: The CFPB’s annual complaint report

Last month, the CFPB released its annual consumer response report, which includes data on the complaints filed with the agency in 2017.  The report provides valuable insight for those willing to read between the lines.  First, you may want to review the nationwide trends in consumer complaints over the previous year, and see if there are any similar pain points for your members.  By doing so, you may be able to spot a pattern before it becomes a bigger issue, allowing you to stay one step ahead of potential complaints at your credit union.  In addition, there’s a good chance that the areas with the most complaints will receive extra scrutiny from your examiners, and could even trigger additional regulations from the CFPB in the future.

Here is a breakdown of the complaint volume by product or service in 2017:

  • Credit/consumer reporting: 31%

 

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