Newsroom
November 25, 2015
CFPB highlights account management, debt collection complaints
CFPB issued a monthly complaint "snapshot" on bank accounts and services, and said that 44 percent of the 75,300 complaints on the subject to date involve account management.
CFPB said consumers often complained about not being able to open an account and not knowing why. Other complaints focused on disputing transactions and depositing and withdrawing funds. The most-complained-about companies were Bank of America, Wells Fargo and JPMorgan Chase. Credit unions were not mentioned in the report.
CFPB also noted that the most-complained-about financial product or service in October was debt collection, totaling 28 percent of complaints received. The second-most-complained-about product was credit reporting.
CFPB said there was a 6 percent increase in complaint volume between September and October. The bureau says it has handled 749,000 complaints nationally as of Nov. 1.
Earlier this month, American Banker reported that the bureau's complaint database is "riddled with errors" and distrusted by bureau employees. NAFCU has warned that publishing unverified complaint narratives can increase credit unions' reputational risk and paint an incomplete pictures.
CFPB said consumers often complained about not being able to open an account and not knowing why. Other complaints focused on disputing transactions and depositing and withdrawing funds. The most-complained-about companies were Bank of America, Wells Fargo and JPMorgan Chase. Credit unions were not mentioned in the report.
CFPB also noted that the most-complained-about financial product or service in October was debt collection, totaling 28 percent of complaints received. The second-most-complained-about product was credit reporting.
CFPB said there was a 6 percent increase in complaint volume between September and October. The bureau says it has handled 749,000 complaints nationally as of Nov. 1.
Earlier this month, American Banker reported that the bureau's complaint database is "riddled with errors" and distrusted by bureau employees. NAFCU has warned that publishing unverified complaint narratives can increase credit unions' reputational risk and paint an incomplete pictures.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-04-23 09:00:00 2024-04-23 09:00:00 Operational Agility: Key Factors for Success in 2024 and Beyond Listen On: Key Takeaways: [02:34] A lot of people think of fraud losses and they are very mindful of what that means for their organization and their bottom line but we are thinking about it from a cost perspective beyond that. [06:38] When you should engage has a lot to do with how long it would take to potentially replace your current service provider. [10:45] Sidecar is not your primary core solution but it is something that allows you to go to market maybe under a different brand or different set of technology. [15:21] Focus on the tech stack maybe a little bit more than you used to. Enable that tech stack to allow you to be agile going forward and you will be able to focus a lot more on the member than running an IT shop. Web NAFCU digital@nafcu.org America/New_York public
Operational Agility: Key Factors for Success in 2024 and Beyond
preferred partner
Strategic Resource Management
Podcast
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Get daily updates.
Subscribe to NAFCU today.