In case you’re interested, the CFPB’s June 2017 Monthly Complaint Report gives a breakdown of the types of complaints received from each state and the District of Columbia. It also gives information on complaints received from Servicemembers, veterans and families and older consumers.
For each state, the report provides the following:
- Number of complaints handled since 2011;
- Number of Servicemember and older consumer complaints since 2011;
- Percentage of change in the number of complaints received for 2016 versus 2015;
- Percentage of timely responses since 2011;
- Percentage of narratives published since 2015;
- Five products with the most complaints, comparing each with the national trend; and,
- Five products with the greatest increase (percentage-wise) in complaints when comparing the fourth quarter of 2016 to the first quarter of 2017.
As for comparing complaints for the fourth quarter of 2016 to the first quarter of 2017 for the country as a whole, student loan complaints had by far the largest increase, followed by prepaid products, credit reporting, debt collection and consumer loans. Mortgage products still rank second when looking at the overall volume, accounting for about 23% of all complaints (second to debt collection). The top issue reported when it comes to mortgage products is, not surprisingly, problems when a borrower is unable to pay.
Knowing what’s making consumers unhappy is often a good indicator of where regulatory concerns lie and, as a result, a good indicator of the types of products that you may be asked about during your next exam.
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