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Financial Services Law Insights and Observations

CFPB Issues Annual Complaint Report Specific to the Military Community

CFPB Servicemembers Debt Collection Consumer Complaints

Consumer Finance

On March 22, the CFPB released its fourth annual report highlighting complaints the agency received in 2015 from servicemembers, veterans, and their families. According to the report, debt collection complaints continue to be the most common. The report states that, between January 1, 2015 and December 31, 2015, the CFPB received more than 19,000 complaints from the military community, 46% of which related to the debt collection industry. Complaints related to mortgages and credit reporting follow at 15% and 11%, respectively. The report also summarizes four public enforcement actions in 2015, noting that the actions provided servicemembers with more than $5 million in refunds and other relief.