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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.
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