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Financial Services Law Insights and Observations

CFPB Issues Annual Consumer Complaint Report

Consumer Finance Consumer Complaints CFPB

Consumer Finance

On April 3, the CFPB published its Consumer Response Annual Report, providing a review of the CFPB’s complaint process and a description of complaints received during January 1 through December 31, 2016. According to the report, the Bureau handled 291,400 consumer complaints—a 7 percent increase from the total number of complaints in 2015. The top three categories, representing about 67 percent of complaints, were debt collection, credit reporting, and mortgages. The Bureau also received complaints related to bank services; credit and prepaid cards; consumer, student, and payday loans; and money transfers. Five years ago, the Bureau began accepting consumer complaints, and since then has handled, according to the CFPB, approximately 1,136,000 complaints.