User login

CFPB Updates Its Consumer Complaint Database

The Consumer Financial Protection Bureau (CFPB) published new information on its blog regarding the consumer complaint database.  The latest snapshot of complaints received, details complaints from July 21, 2011 through September 30, 2012 on credit card issues.  During this time frame, the CFPB received approximately 79,200 total complaints. 10% of these complaints were referred to other regulatory agencies.  This number is broken down further:  23,400 complaints related to credit cards, with 8% of these being referred to other agencies; 36,300 relating to mortgage loans, with 9% of these referred to other regulators; 12,900 relating to bank account and service complaints, with 11% being referred to other agencies, and 2,900 private student lending complaints, with 17% of these referred to other agencies. 

When the Bureau receives a complaint that relates to another agency’s jurisdiction, rather than report these in their database and handle them, the agency refers the complaint to the appropriate federal or state regulator for proper handling.  These numbers are an important reminder to credit unions that some of these complaints have, and continue to be, forwarded to the National Credit Union Administration (NCUA) and state credit union regulators for proper disposition.  For more information on the CFPB’s consumer complaint database, click here.