March 06, 2014

CFPB says more than $1M recovered for servicemembers

From CFPB snapshot report on military servicemember complaints (March 2014).

March 7, 2014 – CFPB said Thursday that it has recovered more than $1 million for servicemembers, veterans and their families in connection with complaints about financial products or services since July 2011.

The bureau, releasing its second snapshot of complaints from military consumers, said it handled more than 250 complaints a week on average over the last fiscal quarter, which ended Dec. 31. Since July 2011, it has received more than 14,000 complaints from servicemembers.

CFPB said not all servicemembers with complaints received monetary compensation; sometimes the relief was in the form of corrected credit reports, an end to debt collectors' harassment and corrections to account information. Some complaints were closed without relief.

Monetary relief from service providers included a median amount of $470 for mortgages; a median amount of $143 for credit card; and a median amount of $125 for bank accounts or services.

CFPB, in its report, said servicemembers' top three complaints are related to mortgages, debt collection and credit cards.