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Financial Services Law Insights and Observations

CFPB issues Consumer Response Annual Report

Consumer Finance Federal Issues CFPB Consumer Complaints

Consumer Finance

On March 29, the CFPB published its Consumer Response Annual Report, providing a review of the Bureau’s complaint process and a description of complaints received from consumers from across all 50 states and the District of Columbia between January 1 and December 31, 2018. According to the report, the Bureau handled approximately 329,800 consumer complaints. Of these complaints, roughly 80 percent were submitted to companies for review and response, 14 percent were referred to other regulatory agencies, and four percent were determined to be incomplete. The top categories, representing approximately 89 percent of all complaints, were credit or consumer reporting, debt collection, mortgages, credit card, and checking or savings complaints. The Bureau also received complaints related to: (i) student, personal, and payday loans; (ii) money transfers and virtual currency; (iii) vehicle finance; (iv) prepaid cards; (v) credit repair; and (vi) title loans. As reported by the CFPB, the majority of consumers who submitted complaints indicated that they first tried to resolve their issues with the companies.

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