CFPB Releases Latest Monthly Complaint Report

On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report, which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category.

 

Below are notable takeaways:

 

  • For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks.
  • Prepaid complaints showed the greatest percentage increase from October – December of 2014 (138 complaints) to October – December of 2015 (459 complaints), which is approximately a 233 percent increase.
  • Student loans complaints showed the greatest percentage decrease from October December of 2014 (582 complaints) to October - December 2015 (499 complaints), which is approximately a 14 percent decline.
  • For the 28th consecutive month, the Bureau handled more complaints about debt collection than any other type of complaint.
  • Debt collection, mortgage, and credit reporting complaints remained the top three most cited consumer financial products and services, collectively representing about 68 percent of complaints submitted in December of 2015.

 

The report’s geographic spotlight indicated New Yorkers complained most about mortgage and debt collection.

 

In the “other financial services” category, the most common complaints were about debt settlement (47 percent) and check cashing (14 percent).  The most common issues cited were problems with fraud or scams (46 percent), and customer service (21 percent).