Consumer complaints filed with the CFPB increased during the third quarter, with credit cards and credit reports jumping from already high levels. Gripes about student loans also saw a big jump during the quarter. (Includes two data charts.)
Consumer criticisms related to mortgages declined in the third quarter of 2023, falling to the lowest level since the fourth quarter of 2011. (Includes two data tables.)
Consumer complaints filed with the CFPB regarding credit reporting were sharply up in the six months ending June from a year ago. Criticisms about mortgages and student loans saw declines. (Includes two data charts.)
An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems.
Consumer complaints to the CFPB related to mortgages were down sharply from the early months of the year, with huge drops in every category, according to a new Inside the CFPB analysis.
Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling.
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints.
Consumer complaints filed with the CFPB increased sharply in the first three months of 2023, driven by a jump in seven out of the nine complaint categories. (Includes two data charts.)
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