Want to complain? Join the queue!

Want to complain? Join the queue!

The US Consumer Financial Protection Bureau (CFPB) receives more than 20,000 complaints every month, according to director Richard Cordray, and the bureau’s latest instalment of its monthly complaint report highlights consumer complaints at the state level.

Banking Technology‘s sister publication Paybefore summarises the findings.

As of 1 June 2017, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.

The latest report lists the top five products by total complaint volume. Complaints pertaining to debt collection and mortgages make up half of all complaints with 316,810 and 272,153 complaints, respectively. Rounding out the top five are complaints regarding credit reporting, credit cards and bank account or services.

The report lists the top five products by quarterly volume from the fourth quarter of 2016 to the first quarter of 2017:

  • student loan complaints grew 216% – from 3,121 to 9,852 complaints, dwarfing the other four products on the list;
  • prepaid complaints grew 17% – from 563 to 657 complaints;
  • credit reporting grew 13% – from 12,984 to 14,733;
  • debt collection grew 11% – from 21,535 to 23,968;
  • consumer loans grew 6% – from 4,438 to 4,703.

The monthly complaint report also noted that companies have provided a timely response to 97% of complaints received from the CFPB since 2011. The agency considers a timely response to be within 15 days.