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CFPB Launches Monthly Complaint Snapshot to Spotlight Consumer Trends
Friday, July 17, 2015 6:45 AM

Yesterday, the Consumer Financial Protection Bureau launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau. The monthly report includes complaint data on company performance, complaint volume, state and local information, and product trends from consumers in Milwaukee, Wisconsin. The reports will provide insight for the public into the hundreds of thousands of consumer complaints on financial products and services handled by the CFPB. 

The Monthly Complaint Report can be found here.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established consumer complaint handling as an integral part of the CFPB’s work. The CFPB began accepting complaints as soon as it opened its doors four years ago in July 2011. It currently accepts complaints on many consumer financial products, including credit cards, mortgages, bank accounts, private student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans. As of July 1, 2015, the Bureau has handled 650,700 complaints.

The Bureau has published annual reports since it first started taking complaints and the new monthly reports will include similar information. They provide a high-level snapshot of trends and analyses found in consumer complaints and can be used to inform the public and the marketplace.

This new report provides complaint highlights as of July 1, 2015. Information includes complaint volume, product trends, state information, most complained-about companies. Also highlighted:  debt collection, including consumer complaints about collections of debts not owed and communication tactics, and high-volume complaint companies.

Read more details about the CFPB's new series of monthly reports.