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WBK Industry News - Federal Regulatory Developments

CFPB Monthly Complaint Report: January 2016

The CFPB released its January 2016 complaint report which is the seventh in its series of monthly complaint reports.

According to the January 2016 Monthly Complaint Report (Vol. 7), as of January 1, 2016, the CFPB has handled approximately 790,000 complaints, including approximately 20,200 complaints in December 2015.

Prepaid complaints showed the greatest percentage increase from October-December 2014 (138 complaints) to October-December 2015 (459 complaints), representing a nearly 233 percent increase. Student loan complaints showed the greatest percentage decrease from October-December 2014 (582 complaints) to October-December 2015 (499 complaints), representing an approximately 14 percent decline. For the 28th consecutive month, the CFPB handled more complaints about debt collection than any other type of complaint. Debt collection complaints represented about 31 percent of complaints submitted in December 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 December 2015.

For the January 2016 complaint report, the CFPB highlighted complaints from New York and the New York metro area.