March 31, 2014

CFPB puts out Consumer Response annual report

April 1, 2014 – The CFPB put out its Consumer Response annual report on Monday, and said the number of complaints received by the agency increased by 80 percent in 2013.

The report gives an overview of the creation and operating procedure of the bureau's Consumer Complaint Database and highlights the financial products and services for which the bureau has received complaints thus far.

According to the report, "Since beginning to accept complaints July 21, 2011 through February 28, 2014, the CFPB has handled approximately 309, 700 consumer complaints. Complaint volume has steadily increased, rising 80% from 91,000 in 2012 to 163,700 in 2013."

The agency says that out of 164,000 complaints in 2013, 37 percent related to mortgages, 19 percent to debt collection and 15 percent to credit reporting. The most common mortgage complaints were about issues involving payment, such as loan modifications or foreclosures.

NAFCU has raised concerns about the database's disclosure process. While NAFCU acknowledges the importance of compliant resolution, it is concerned that the agency does not verify the accuracy of the complaint before making it publicly available in the database, and believes the public disclosure of complaints that are without merit may unduly place financial institutions' reputation at risk. NAFCU continues to urge the CFPB to take steps to ensure the data it releases to the public has been verified.