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CFPB Published Consumer Response Annual Report
On Friday, April 1, 2016, the CFPB published the Consumer Response Report for 2015. The report indicated, as of March 2016, the CFPB has “handled” more than 834, 400 complaints and complaint volume increased by 8% year over year. Of the complaints received in 2015, 31% were debt collection, 20% were credit reporting, and 19% were mortgage related. In total, the CFPB sent 63% of complaints to companies for resolution and referred 22% to another regulator, while 11% were incomplete and 4% still are pending. By the end of 2015, companies responded to 95% of complaints and closed 91% of complaints. Overall, consumers disputed 20% of complaint responses.