Report: Taking a look at consumer complaints to the CFPB in 2018
As required under Dodd-Frank, late last month the Consumer Financial Protection Bureau (CFPB) released its Consumer Response Annual Report for the period of January 1 to December 31, 2018. This report is a breakdown of the approximately 329,800 consumer complaints the bureau received in 2018. Complaints came through the bureau via its website, by referral from the White House, congressional offices, other federal and state agencies, and by telephone, mail, email and fax. In her opening statement, CFPB Director Kathleen L. Kraninger states this report is one way the bureau is delivering on the promise of the bureau’s transparency. She also indicates this review will “inform how our complaint program will evolve and how we will serve and interact with the program’s various stakeholders, including consumers, companies, and other regulators.”
Credit or consumer reporting, debt collection, mortgage, credit card and checking or savings were the most complained about consumer financial product and service categories, comprising approximately 89 percent of all the complaints the bureau received. Other categories consumers complained about included: student loan, money transfers or services, virtual currencies, vehicle loans or leases, personal loans, prepaid cards, payday loans, credit repair or title loans. In most cases according to the CFPB report the majority of consumers indicated having attempted to resolve the issue with the company named in the complaint. Complaints were submitted by consumers in all 50 states and the District of Columbia. Interestingly, the bureau received more complaints from the District than anywhere else in the U.S., followed by Georgia, Florida, Nevada and Delaware, while South Dakota consumers filed the fewest complaints.
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