CFPB issues 50-state complaint snapshot

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The CFPB has issued a “Complaint snapshot: 50 state report” that provides overall complaint data on a state-by-state basis. The report includes the District of Columbia.  Last October, the CFPB issued a 50-state snapshot that was limited to student debt.

In its blog post about the report, the Bureau highlights that since January 2015:

  • The Bureau has received more complaints from consumers in California than any other state, with Florida, Texas, New York, and Georgia taking the next four spots.
  • Florida consumers complained to the Bureau most often about credit or consumer reporting, while the most common complaint received from consumers in Texas was about debt collection.
  • Wyoming consumers submitted the fewest complaints of any state.

The report begins with national complaint data which shows that between January 2017 and June 2018, the Bureau received 494,540 complaints, and that 98% of company responses during that period were timely.  The top five products by volume since 2015 were, in descending order, debt collection, credit or consumer reporting, mortgage, credit card, and checking or savings.

In addition to the top five products by volume since 2015, the report indicates on a national basis and for each state and the District of Columbia, the report indicates:

  • Top issue reported by consumers for each of the top five products by volume since 2015
  • Average complaints per month between January 2017 and June 2018
  • Change in average monthly complaints comparing 2018 to 2017
  • Change in complaint volume comparing the first and second quarters of 2018
  • Timely company responses between January 2017 and June 2018
  • Complaints per 100,000 in population between January 2017 and June 2018
  • 2017 vs. 2016 comparison of the top five products by volume
  • Top five products by quarterly percentage change, comparing 2017 fourth quarter complaints with 2018 first quarter and second quarter complaints

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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