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Financial Services Law Insights and Observations

CFPB releases 50-state complaint snapshot

Federal Issues CFPB Consumer Complaints State Issues Consumer Finance

Federal Issues

On October 23, the CFPB released its Complaint snapshot: 50 state report, which covers complaints received by the Bureau from January 2015 through June 2018. According to the report, the Bureau has received more complaints from consumers in California than any other state, followed by Florida and Texas. Other highlights of the report include: (i) issues related to credit reporting received the most complaints in 2017, comprising 31 percent of all submitted complaints; (ii) the Bureau averaged over 27,000 complaints per month from January 2017 through June 2018; and (iii) complaints about prepaid cards trended upward the beginning half of 2018, while student loan, payday loan, credit repair, and money transfer complaints all trended lower.

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