This story appeared in Bank Digest.
The Consumer Financial Protection Bureau’s Consumer Response Annual Report shows that during 2014 the bureau received approximately 250,700 consumer complaints. Debt collection complaints topped the list at 35 percent, followed by mortgage complaints at 20 percent and credit reporting complaints at 18 percent. All other categories were below 10 percent. Approximately 67 percent of all consumer complaints were submitted through the CFPB's website and 9 percent via telephone calls. Referrals accounted for 15 percent of all complaints received. The rest were submitted by mail, email, and fax.
CFPB Director Richard Cordray said, "Through our public Consumer Complaint Database, launched by Consumer Response in June 2012, others can learn from consumers' complaints too. By making complaint data publicly available, we hope to improve the transparency and efficiency of the consumer financial marketplace. The database, available on our website, is already being used by consumers, advocacy groups, businesses, policy makers, and journalists as a resource for spotting areas for improvement and trends in the marketplace that they can also share with the public."
The CFPB has expanded its complaint handling over time to include multiple products and services under its authority. Consumers also may contact the CFPB about other products and services. The bureau refers consumers to other regulators or additional resources as appropriate.