CFPB Publishes Complaint Report for Banks/Financial Services

Most complaints CFPB average monthly March - May 2016

The US Consumer Financial Protection Bureau (CFPB) has filed a monthly complaint report for banks and other financial services. The monthly report uses a three-month rolling average, comparing the current average to the same period in the prior year.

CFPB Director Richard Cordray commented on the release;

“We are concerned that consumers continue to face difficulties accessing and managing this cornerstone financial tool. Consumers who are eligible for a deposit account should be able to get one and use it effectively.”

As of Aug. 1st, 2016 the CFPB has handled approximately 954,400 complaints nationally. The CFPB stated there are more than 200 million demand deposit open in the US and the CFPB had handled approximately 94,200 bank account or service complaints during the month.

CFPB Complaints three month rolling averageIf you look at the three-month rolling average below, the biggest area of complaints were debt collection, credit reporting, and mortgages.

The financial services companies that receive the most complaints, on average? Equifax, Experien and Transunion. If you are curious about the most complained about banks, Bank of America, JP Morgan and Wells Fargo were one, two and three.

The only non-traditional financial firm on the bank account/service list was PayPal.

See the report below.

 

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