on Legal & Regulatory

How the CFPB Uses Data From Their Consumer Complaint Database

The CFPB is examining trends in their data that every company should know about.

What you don’t know won’t hurt you, the saying goes. Unfortunately, this doesn’t apply to companies unfamiliar with the telling trends inside the CFPB’s Consumer Complaint Database.

With over 700,000 complaints about hundreds of consumer finance companies and their different products, the database serves as a treasure trove for the CFPB’s supervisory and enforcement teams. Many companies have already accumulated thousands of complaints.

The CFPB evaluates each of these complaints, even if your company does not.

Ann Thompson, a senior analyst in the CFPB’s Office of Supervision Policy, recently confirmed that the CFPB consults their complaint database when deciding which company to scrutinize next. At a session hosted at the Mortgage Bankers Association’s National Mortgage Servicing Conference, she gave a room full of mortgage lenders details about the CFPB’s examination process. She emphasized:

“We review the number and content of consumer complaints, and we weight the complaints based on potential violations of law…How companies handle consumer complaints is important.”

The CFPB evaluates a company's level of regulatory compliance not just by the number of consumer complaints they receive, but also by how they respond to the complaints. Based on the data trends the CFPB sees, your company could be their next target for a costly enforcement action.

At PerformLine, we’ve been researching and reporting on the Risk Signals every company should know from the CFPB Consumer Complaint Database for several years now. Our data analytics team has put out three editions of our Risk Signals report, which includes trends that your company needs to know about the number and types of complaints in the CFPB’s database, and how companies’ responses to consumer complaints influence their probability of getting fined by the CFPB.

The report details the threshold of complaints that puts companies at risk of being fined, the potential amount in monetary liability, and most recently how "untimely" company responses to complaints increase potential risk for a company.

We investigated these trends so that your company understands how to mitigate risk based on these Risk Signals from the CFPB database. Download our latest CFPB Risk Signal Report.

We will be discussing these trends further at our annual RegTech and Compliance Conference, COMPLY2017. The conference will feature speakers from the CFPB and the FTC, and one session will be completely dedicated to learning more about how to handle CFPB Consumer Complaints. Save your spot by registering today!

Learn more about CFPB Consumer Complaint Trends at COMPLY2017 on June 7-8 in NYC.


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Alex Baydin, CEO

Alex is the founder and CEO of PerformLine, the leading RegTech company delivering automated compliance solutions for enterprises looking to mitigate regulatory risk and ensure brand safety. He is also the founder and producer of COMPLY, the marketing compliance conference held in NYC every June.

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