CFPB’s Consumer Response Annual Report

Last Friday, the Consumer Financial Protection Bureau published its 2016 Consumer Response Annual Report, available here.

The CFPB offered a few key takeaways:

  • The CFPB handled 291,400 consumer complaints in 2016, a 7 percent increase over complaints handled in 2015. 
  • Debt collection, credit reporting and mortgages were the top three most-complained-about consumer financial products and services, collectively representing about 67 percent of complaints submitted in 2016. 
  • Financial companies provide timely responses to consumer complaints. 97 percent of complaints sent to companies get timely responses.

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