CFPB Releases State-Level Snapshot of Consumer Complaints
Tue 18 Jul, 2017 / by McIntyre & Lemon / Client Alerts
07/18/17 – The CFPB released its monthly complaint report, providing a snapshot of consumer complaints submitted across the country with data for each state and the District of Columbia (DC).
The report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans on a state-by-state basis. The report also gives a national overview and contains consumer narratives regarding their experience with the Consumer Financial Protection Bureau’s (CFPB) complaint process. Overall, the CFPB has received over 1,218,600 complaints as of June 1, 2017.
The snapshot is a special edition of the monthly complaint report that the CFPB puts out every month. The monthly complaint report usually includes a national overview, a product spotlight, and a closer look at the complaints in one state. However, this latest report provides new national statistics that are also calculated for each state and DC. Some of the national takeaways include:
- Complaint volume rose 7 percent between 2015 and 2016.
- Companies provided a timely response to 97 percent of complaints they received from the CFPB.
- Over half of consumers submitting complaints opt to have their narrative published.
- Debt collection and mortgage complaints account for half of complaints submitted.
For each state and the District of Columbia, this special edition of the monthly report provides details on total complaints received, number of complaints from specialty populations, changes in volume of complaints submitted, and company response statistics, as well as information about specific products and services consumers have complained about.
CFPB Press Release; Report.