Reports: The CFPB Gets Results for Consumers

Updated April 2017 (scroll down for new report: Medical Debt Malpractice)

The mission of the Consumer Financial Protection Bureau (CFPB) is to identify dangerous and unfair financial practices, educate consumers about these practices, and regulate the financial institutions that perpetuate them.

To help accomplish these goals, the CFPB has created the public Consumer Complaint Database. The database tracks complaints made by consumers to the CFPB and how they are resolved. It enables the CFPB to identify financial practices that threaten to harm consumers and enables the public to evaluate both the performance of the financial industry and of the CFPB.

Our report series reviews complaints to the CFPB nationally and on a state-by-state level, with the aim of uncovering patterns in the problems consumers are experiencing with financial products and services. Numerous news outlets, including the Wall Street Journal, Huffington Post, and Today Money, have covered our research. This August 2016 blog entry offers a quick summary of recent improvements to the CFPB Complaint Database structure and its available information for consumers, researchers and competitors.

 

 

September 2013: "Big Banks, Big Complaints" reviewed complaints about
bank accounts and services.
Read more here.

 

 

 

October 2013: "Private Loans, Public Complaints" reviewed complaints
about private student loans.
Read more here.

 

 

 

November 2013: "Big Credit Bureaus, Big Mistakes" reviewed complaints
about credit reporting.
Read more here.



 

January 2014: "Credit Cards, Consumer Complaints" reviewed complaints
about credit cards.
Read more here.

 

 

 

February 2014: "Debt Collectors, Debt Complaints" reviewed complaints
about debt collectors.
Read more here.

 

 

Mortgage coverJuly 2015:Mortgages and Mortgage Complaints reviewed complaints about mortgages and heralded the CFPB's recent (June 2015) inclusion, on a voluntary basis, of consumer narrative stories in the database going forward.

August 2016: Predatory Loans and Predatory Loan Complaints  reviewed complaints about high-cost short-term small dollar (payday) loans and related high-cost installment loans using your paycheck as collateral, as well as similar loans using your auto title as collateral. The report also explains the history of payday lending regulation and analyzes a draft high-cost lending rule from the CFPB.

Overdraft Fees report coverDecember 2016: Big Banks, Big Overdraft Fees. This report combines data from the CFPB Consumer Complaint Database with additional data on big bank (>$1 Billion in assets) overdraft fee income required to be filed quarterly with the Federal Financial Institutions Examination Council (FFIEC). It finds a statistically valid correlation: banks that depend on overdraft fee revenue have more complaints to the CFPB.

April 2017: Medical Debt Malpractice: Consumer Complaints About Medical Debt Collectors, and How the CFPB Can Help. This report drills down into 17,701 medical debt collection complaints to the CFPB. Key finding: 63% of complaints were about debt never owed, debt no longer owed or discharged in bankruptcy, or never verified as belonging to that consumer. We also published a two-page fact sheet summarizing the report.

 

 To file a complaint with the CFPB, visit the complaint portal at
 www.consumerfinance.gov/complaint.
 To review complaints other consumers have made to the CFPB, visit
 the public Consumer Complaints Database at
 www.consumerfinance.gov/complaintdatabase.

 

DEFEND THE CFPB

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