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CFPB Reports List Of Consumer Complaints About Financial Products

Logo for Consumer Financial Protection Bureau In its annual report, the new Consumer Financial Protection Bureau (CFPB), a federal agency designed to ensure that financial products and services for consumers are beneficial for consumers, listed the leading complaints submitted by consumers. The CFPB accepts complaints about credit cards and mortgages.

The CFPB began operation on July 21, 2011. In its annual report (Adobe PDF) to the U.S. Congress, the CFPB reported that by December 31, 2011, it had received 13,210 complaints from consumers, including 9,307 credit card complaints and 2,326 mortgage complaints. 44% of all complaints were submitted through the CFPB website, and about 15% via telephone calls. The leading types of credit-card complaints received:

Leading Credit Card Complaints Reported By
Consumers to CFPB. July 21 - Dec. 31, 2011
1. Billing Disputes 1,278 13.7%
2. Identity Theft / Fraud / Embezzlement 1,014 10.9%
3. APR or Interest rate
950 10.2%
4. Other
5. Closing / Cancelling Account 478 5.1%
6. Credit reporting 437 4.7%
7. Credit Card Payment / Debt Protection 383 4.1%
8. Collection Practices 378 4.1%
9. Late Fee 364 3.9%
10. Other Fee 334 3.6%
Total for Top 10 complaint types 6,470 65.9%

The types of mortgage complaints received:

Mortgage Complaints Reported By
Consumers to CFPB. July 21 - Dec. 31, 2011
1. Problems when you are unable to pay (Loan modification, collection, foreclosure)
2. Other 540
3. Making payments (Loan servicing, payments, escrow accounts) 501 21.5%
4. Applying for the loan (Application, originator, mortgage broker) 235 10.1%
5. Signing the agreement (Settlement process and costs) 96 4.1%
6. Receiving a credit offer (Credit decision/Underwriting) 65 2.8%
Total Mortgage Complaints 2,326

The FTC advises consumers who experience identity theft or fraud with financial products to both submit a complaint to the CFPB and submit a complaint to the FTC.

I like the CFPB's mission and its website. The agency's consumer response mechanisms are still new and in their infancy. They will become more beneficial as the agency identifies and resolves problems. What is your opinion of the CFPB?


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