CFPB publishes 1st monthly report on complaint trends
WASHINGTON (7/17/15)--There is a whole new series of monthly reports from the Consumer Financial Protection Bureau (CFPB) on consumers’ complaints. Credit unions and other financial institutions will be able to use the information to track consumer complaint trends.
The first edition of the new report was released Thursday. The monthly reports will include complaint data on company performance, complaint volume, state and local information, and product trends.
According to the bureau, the report will spotlight a particular product and geographic location each month, with the first report providing a closer look at debt collection complaints and complaints from consumers in Milwaukee.
The report released Thursday contains complaint highlights as of July 1. The bureau found in June 2015, debt collection represented 32% of complaints submitted, making it the most-complained-about category.
Other highlights from this month’s report include:
The second most-complained-about consumer product was mortgages, accounting for more than 4,700 complaints. The third most-complained-about financial product or service was credit reporting, accounting for more than 4,300 complaints;
Consumer loan complaints showed the greatest percentage increase from the same time last year, nearly doubling from roughly 660 complaints to 1,020 complaints on average per month;
Hawaii, West Virginia and Maine experienced the greatest complaint volume increases from the same time last year; with Hawaii up 41%, West Virginia up 38% and Maine up 38%. South Dakota, Iowa and Rhode Island experienced the greatest complaint volume decrease from the same time last year, with South Dakota down 40%, Iowa down 14% and Rhode Island down 12%; and
- The top three companies that received the most complaints for February through April were Equifax, Experian and Bank of America. Equifax experienced the greatest jump in complaints over the same period last year, up 8%. Mortgage servicer Ocwen experienced the greatest decrease in average monthly complaint volume, down 29% from the same period last year.