on Legal & Regulatory

CFPB Uncovers Top 4 Takeaways From Special Edition of Monthly Report

The CFPB looks at consumer complaints State-by-State and from Older Americans and Servicemembers

This month's special edition of the Consumer Financial Protection Bureau's snapshot  breaks down complaints submitted, state-by-state, offering a local perspective and diving deeper into complaints by special groups. Inside the report, companies can learn more about the products and services generating the most complaints in each state, company response rates, and take a closer look at complaints from special groups.  

Since the CFPB’s inception in July 2011, there have been over 1.2 million complaints filed. Analyzing the trends within all of the complaints from the last 6 years in this special report, the CFPB reported 4 nation-wide takeaways:

  1. Complaint volume rose 7% between 2015 and 2016
  2. Companies provided a timely response to 97% of complaints they received
  3. 50% of consumers submitting complaints opt to have their narrative published
  4. Debt collection and mortgage complaints account for 50% of all complaints submitted, and continue to be the 2 most complained about products and services

In addition to their their state-by-state analysis of complaints by consumers in all fifty states and the District of Columbia, this special report also highlights complaints from two special groups the CFPB considers particularly vulnerable and whom they look to protect: "Older Americans" and "Servicemembers." Complaints by these two groups have risen by 6% and 8% respectively from 2016 vs 2015. The CFPB even charts out which states have the most complaints from these groups.

OLDER AMERICANS

Older Americans Complaints by State via CFPB.png

SERVICEMEMBERS:

Servicemembers Complaints by State via CFPB.png

 

So, what can companies learn from this new data laid out by the CFPB? PerformLine speaks to many of these statistics and more in our 3rd annual Complaint Risk Signal Report, an analysis of data from the Consumer Complaint Database and CFPB data from July 2011 to March 2017. The latest edition of the report also dives deeper into the trends associated with complaints submitted by Older Americans and Servicemembers, and how these could bring about additional risk.

By analyzing the complaint data, we empower companies with the data and valuable insights needed to understand their own complaint issues and those of their broader industry to improve their regulatory compliance efforts, customer experiences, and operational effectiveness.

To uncover more trends and insights from the June 2017 Complaint Risk Signal report, download now.

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Claire Milazzo, VP of Marketing

As Vice President of marketing, Claire oversees the company’s customer marketing, lead generation marketing, content strategy, events ​and corporate communications efforts. Claire has over 25 years of experience in media sales and marketing. Outside of work Claire loves to spend time with her family at the beach and soccer games.

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