Just five years after their founding, the CFPB has reached a significant milestone: they’ve handled over one million consumer complaints about financial products and services.
The CFPB remains committed to their mission of hearing and addressing consumer concerns and holding businesses accountable for their actions. CFPB Director Richard Cordray stated, “Not only have we achieved substantial relief for consumers, but hearing directly from consumers is fundamental to our mission. We can better protect all consumers because of what we learn from those who have submitted complaints and shared their experiences with us.”
In their most recent complaint report, the CFPB highlighted debt collection companies as stirring up the most consumer complaints out of all consumer financial industries. One out of three complaints to the CFPB in August 2016 were about debt collection products and services. The CFPB took action against a lawsuit mill and debt buyer earlier this year for illegal debt collection practices. And in response to the many consumer complaints and to bring better accuracy and accountability to debt collectors, the CFPB has put forth proposals to overhaul the debt collection industry.
In light of the CFPB's millionth complaint and no signs that the complaint database is going away, the big takeaway here is that companies should always track and respond to complaints about their company in the CFPB Consumer Complaint Database. This database ultimately serves as an important resource for many regulatory agencies to consult when discerning how consumers feel they are being harmed and where the regulatory agency might focus their attention for their next enforcement action.
If you’d like to learn more about the CFPB Consumer Complaint Database and the risk signals we’ve found that put companies in danger of enforcement actions, download our CFPB Risk Signal Report here.
(Soon we will be releasing an updated report featuring a new section on company responses to consumer complaints—check back soon!)