CFPB's Monthly Complaint Report Highlights National and Denver Area Consumer Complaint Trends
On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints.
According to the Monthly Complaint Report, the CFPB has handled a total of approximately 702,900 consumer complaints, including 25,700 in August 2015. Consumer loan complaints had the largest percentage increase from June-August 2014 to June-August 2015 and payday loan complaints showed the largest percentage decrease from June-August 2014 to June-August 2015. Consumer complaints related to debt collection, credit reporting, and mortgages made up the largest number of complaints nationally.
In addition to providing general trends in national consumer complaints, the Monthly Complaint Report also highlights complaints originating from the Denver metro area. Of the total 702,900 consumer complaints that the CFPB has handled, 11,500 of those originated from Colorado and 7,000 from the Denver metro area. Denver area consumers submitted mortgage, debt collection, and credit reporting complaints most often, which is largely in line with national trends.
The Monthly Complaint Report also highlights national and Denver area companies facing the largest number of consumer complaints by volume and product type. Because the CFPB uses consumer complaints in a variety of ways, including for rulemaking and enforcement actions, understanding consumer complaint trends by company and at the product level provides companies with valuable insight into CFPB’s likely future actions and gives them an opportunity to take action, if needed, ahead of the CFPB.
To see if your company or the consumer financial services you offer were highlighted by the CFPB this month, view the CFPB’s Monthly Complaint Report here http://www.consumerfinance.gov/reports/monthly-complaint-report-vol-3/.
You can also view the CFPB’s consumer complaint database here http://www.consumerfinance.gov/complaintdatabase/.
For more information on this subject, contact Zane Gilmer, a member of the firm’s litigation practice group, or contact your usual Stinson Leonard Street attorney.