Nothing makes the Business Intelligence team at PerformLine think of the Fourth of July more than fireworks, grilling, and data. More specifically, the CFPB database and its tens of thousands of complaints submitted by military service members.
Earlier this year, Consumer Financial Protection Bureau Director Kathleen L. Kraninger made it clear that under her leadership, the CFPB would be actively protecting our service members using the Military Lending Act. Much like many of you, we wanted to know exactly what the CFPB would be looking to protect service members from.
"The Bureau is committed to the financial well-being of America’s service members. This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our service members and their families are provided with the protections of that law...”
To address that question, we turned to the data for answers. PerformLine’s Business Intelligence team was curious about exactly what our service members have been submitting complaints on and couldn’t stop ourselves from doing a short analysis of the trending issues per consumer financial product. Below are the top 5 complaint issues per product submitted by military service members.
It's important for companies working with service members to be monitoring the complaints they are submitting, and work proactively to resolve the complaints and prevent any future issues from arising.
For more information on consumer complaint trends, take a look at our CFPB Risk Signals Report. Learn the actions your company can take to mitigate risk and protect yourself from regulatory enforcement actions. On this Fourth of July, let’s use compliance to better serve our military members and act as patriots alongside our armed forces.