on ProductLegal & Regulatory

A Snapshot of Servicemember Complaints

The CFPB released another 'special edition' of the CFPB monthly snapshot highlighting the amount of complaints received from servicemembers.

On November 1st, the Consumer Financial Protection Bureau released their third “special edition” of the CFPB monthly snapshot, this time focusing solely on servicemember complaints both from a nationwide and state-by-state perspective. The report notes that the CFPB has handled 91,482 complaints from servicemembers, veterans and their families alone since 2011. They’ve also reported an 8% increase in the number of complaints received from servicemembers in 2016 than in 2015.  

The top 5 products that consumers complain about most are highlighted below. The graph (produced by the CFPB) shows the difference between complaints received by product from servicemembers (in green) versus non-servicemembers (in gray).

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Topping the charts in consumer complaints is debt collection. While complaints on debt collection are on the rise across the board, they account for a whopping 39% of overall complaints from servicemembers. More importantly, the percentage of complaints about debt collection is 13% higher from servicemembers than from non-servicemembers.

PerformLine has been analyzing consumer complaints and their correlation to risk of enforcement for over 3 years. Our annual Risk Signal Report reveals the thresholds where complaints translate into the possibility of CFPB action. In fact, CFPB Senior Analyst Ann Thompson confirmed this correlation during a recent speaking appearance, when she said that the CFPB uses the complaint database as a guide for determining whether to pursue an examination of a particular company.

To help companies like yours proactively manage and understand the risk from consumer complaints in the CFPB database, PerformLine released our Complaint Risk Signal Platform. The platform provides insights into your own complaint data, comparing it to their competitors so they can determine risk on a relative scale.

Request your free Risk Assessment and access to the Complaint Risk Signal Platform to learn how complaints from the CFPB database — and in particular servicemembers — can put your company at risk.

View the report

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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