CFPB’s Consumer Complaint Database
Analysis reveals valuable insights
With the Dodd-Frank Act’s creation of the Consumer Financial Protection Bureau (CFPB) in 2010,1 lawmakers signaled the beginning of a new era in consumer protection. The CFPB's subsequent introduction of the Consumer Complaint Database in July 2012 underscored the CFPB's intent to fulfill two core objectives: enforcing federal consumer protection laws more vigorously and analyzing consumers, financial services providers and market activities.2
More than two years after the CFPB began collecting complaint data, the Consumer Complaint Database is now a public repository of over 100,000 consumer complaints. It's a rich resource for CFPB analysts and financial institutions searching for emerging trends about consumer complaints relating to financial services products, including reasons for those complaints and actions financial institutions are taking to resolve them.
Deloitte’s analysis3 of the database has produced a number of valuable insights about the nature and sources of recent complaints, including:
- Troubled mortgages are behind the majority of the complaints – a growing trend
- Customer misunderstanding may create more complaints than financial institution error
- Affluent, established neighborhoods were more likely sources of complaints
- Complaint resolution times have improved
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1 The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into federal law by President Barack Obama on July 21, 2010.
2 Consumer Financial Protection Bureau. “About us/Core functions.” http://www.consumerfinance.gov/the-bureau/
3 The 103,125 complaints analyzed in this report were submitted to the CFPB between December 1, 2011 and April 30, 2013. The data was extracted on July 26, 2013. The Consumer Complaint Database is updated nightly and complaints in progress are amended as information becomes available. Complaint data regarding credit reporting and money transfers was first released on May 31, 2013 and is not included in this analysis.
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