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WBK Industry News - Federal Regulatory Developments

CFPB Issues Monthly Complaint Report for December 2015

The CFPB released its December 2015 complaint report which is the sixth in its series of monthly complaint reports.

According to the December 2015 Monthly Complaint Report (Vol. 6, As of December 1, 2015, the CFPB has handled approximately 770,100 complaints, including approximately 21,000 complaints in November 2015. Table 1 of the Report shows the percentage change in complaint volume by product from September – November 2014 to September – November 2015.

Prepaid card complaints showed the greatest percentage increase based on a three-month average, increasing about 215 percent from the same time last year (September to November 2014 compared with September to November 2015. Payday loan complaints showed the greatest percentage decrease from September – November 2014 (530 complaints) to September – November 2015 (459 complaints), representing about a 14 percent decline. For the 27th consecutive month, the CFPB handled more complaints about debt collection than any other type of complaint. Debt collection complaints represented about 30 percent of complaints submitted in November 2015.  Debt collection, credit reporting, and mortgage complaints continue to be the top three most-complained-about consumer financial products and services, collectively representing about 68 percent of complaints submitted in November 2015.

For the December 2015 complaint report, Georgia and the Atlanta metro area mortgage complaints and complaints from consumers was the geographical spotlight.