CFPB: New Consumer Complaints To Direct Rulemaking, Enforcement

The Consumer Financial Protection Bureau today reported on its first intake of consumer complaints through a database launched in stages beginning in late 2011. Among the roughly 46,000 complaints taken across the areas of credit cards, mortgages, bank products and services, and student loans, more than 19,000 complaints were regarding mortgages, the CFPB reported.

The complaint collection and database was launched in an effort to track and address consumer complaints regarding the financial products they use most, the bureau announced upon the inception of the complaint portal.

“Within the Consumer Bureau itself, the information we have been gathering is very valuable, as it helps to inform our supervisory exams, enforcement actions, and rulemaking,” said CFPB chief Richard Cordray. “Indeed, Congress authorized us to develop our priorities out of this data, which reinforces its potential value to the broader public.”

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Once the complaints are received by the CFPB via phone or online, then are sent to the companies to be addressed. Once the company responds, the CFPB provides the response to the consumer for resolution. 

Of the mortgage complaints, consumers most commonly reported problems with not being able to pay, such as issues related to loan modifications, collection or foreclosure, the CFPB reported. Other issues related to servicing, payment and escrow accounts. 

“The Consumer Complaint Database is a major milestone for consumers and all those who are interested in knowing more about their day-to-day experiences,” Cordray said. “We believe this is the first time that the general public has been able to see such individual-level consumer complaint data for financial products and services. We intend to make this data widely available to consumers, advocacy groups, businesses, policy makers, and journalists. Anyone with access to the web will be able to review and analyze the information, and draw their own conclusions.”

View the report

Written by Elizabeth Ecker

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