CFPB Report Shows Consumer Complaints Rose by 80 Percent in 2013
The Consumer Financial Protection Bureau (CFPB) says that its consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013.
The CFPB's Consumer Response Annual Report also highlighted the many issues the CFPB is helping consumers address – from foreclosure alternatives to simply receiving better customer service.
"Consumer complaints have become central to the work of this agency. They enable us to listen to, and amplify, the concerns of any American who wants to be heard," said CFPB Director Richard Cordray. "They are also our compass. They make a difference by informing our work and helping us identify and prioritize problems for potential action."
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established the handling of consumer complaints as an integral part of the CFPB's work. When the Bureau opened its doors on July 21, 2011, it began consumer response operations the same day, accepting consumer complaints about credit cards. Since then, the Bureau has expanded its complaint handling in 2012 to include complaints about mortgages, bank accounts and services, private student loans, vehicle and other consumer loans, and credit reporting. In 2013, it began taking complaints on money transfers, debt collection, and payday loans.
To date, including this year, the CFPB has received more than 310,000 consumer complaints overall.
File a complaint with the Consumer Financial Protection Bureau.