CFPB Releases July 2017 Complaint Report
Tue 15 Aug, 2017 / by McIntyre & Lemon / Client Alerts
08/15/17 – The Consumer Financial Protection Bureau (CFPB) has released its July 2017 Monthly Complaint Report on consumer complaints received by the Bureau.
The report covers complaints the CFPB has received through its website, mail, email, fax, phone calls, or referrals from other regulators. As of July 1, 2017, the CFPB has handled over 1,242,800 consumer complaints.
The most common types of complaints submitted by consumers from 2014 to 2016 concerned debt collection, credit reporting, and mortgages. In 2016, 73% of all complaints submitted to the CFPB came through the Bureau’s website.
The CFPB reports that approximately 97% of companies have provided timely responses to the consumer complaints forwarded by the CFPB to the companies.
The CFPB also allows consumers to provide feedback about the companies’ responses. Through early 2017, consumers primarily provided feedback by disputing the companies’ response to their complaints. Consumers’ disputes of company responses ranged from approximately 14% of company responses related to prepaid card complaints to 23% of company responses related to mortgage complaints.
The next Monthly Complaint Report will be available in September 2017.