Big banks take beating on CFPB’s first complaint report

by Justin da Rosa21 Jul 2015
Mortgage complaints make up more complaints than any other financial services product made to the CFPB since it starting compiling that data.

The Consumer Financial Protection Bureau has handled around 650,700 complaints as of July 1, 2015 and mortgages make up 183,451 of those complaints.

“Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action,” said CFPB Director Richard Cordray in a release. “These monthly reports will enable us to share that data with the public more regularly, so that everyone can benefit from the information.”

And that data contains bad news for some big banks.

Rounding out the top-ten most complained about companies, Bank of America leads the way with 47,732 since July 2011. Wells Fargo follows with 33,214; JPMorgan with 26,969; and Citibank with 20,762.

“The CFPB began accepting complaints as soon as it opened its doors four years ago in July 2011,” the bureau wrote in a release. “It currently accepts complaints on many consumer financial products, including credit cards, mortgages, bank accounts, private student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans.”


Should CFPB have more supervision over credit agencies?