Newsroom

April 09, 2012

CFPB reports on consumer complaints

April 10, 2012 – A total of 9,307 consumer complaints regarding credit cards and 2,326 regarding mortgages were filed with the Consumer Financial Protection Bureau in 2011, the CFPB says in its first annual report on its consumer response operation.

Of total credit-card-related complaints, 1,278, or 13.7 percent, were related the billing disputes, the CFPB reports. Another 1,014 (10.9 percent) and 950 (10.2 percent) had to do with identity theft/fraud/embezzlement or APR/interest rate.

Of total mortgage-related complaints, 889, or 38.2 percent, were related to problems face by consumers unable to pay. These can address loan modification, collections or foreclosure. The second-most-frequent complaint about mortgage was just about making payments. A total of 501 such complaints, or 38.2 percent of all mortgage-related complaints, were filed in the month of December, the report shows.

These are the only categories of complaints the CFPB addressed during 2011. It began taking credit-card complaints July 21, when the bureau commenced operation. The CFPB began taking mortgage-related complaints since Dec. 1.

The CFPB has yet to begin releasing any information identifying the lenders subject to the complaints received. The bureau's stated policy is that it will direct complaints to the appropriate prudential regulator for resolution.

NAFCU has urged against disclosure of the details of any specific complaint until the complaint has been verified as legitimate.