The CFPB Focuses on Older Consumers

This month in their complaint report, the Consumer Financial Protection Bureau (CFPB) took a different focus and spotlighted complaints by a specific demographic, rather than highlighting a specific product category. This spotlight focused on Older Consumers. The CFPB defines Older Consumers as age 62 or older, and the CFPB outlined which products are giving these consumers the most trouble: mortgages and bank accounts.

The most common issues Older Consumers find with mortgages are issues with loan modification, collection, or foreclosure, making payments, and applying for loans. For bank accounts and services, Older Consumers face the most issues with account management. Companies that offer these products should keep a close eye on these complaints and ensure that they’re keeping the process as transparent and smooth as possible.

In addition, the CPFB highlighted the states with the highest number of complaints submitted by Older Consumers: California, Florida, Texas, and New York. These states have notably large populations of Americans age 62 or older. 

This week, Scott Steckel from the CFPB’s Office of Consumer Response will be at COMPLY2017 to speak more on the consumer complaint process. He will also share how the CFPB uses this data to guide their supervisory activities. 

Tags: Regulatory Compliance

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