CFPB Releases Summary of Service Member Complaints

The Consumer Financial Protection Bureau today released a summary of complaints​ from America’s military service members and their families between 2011 and 2014. The report showed that 39 percent of the 29,500 complaints received were about debt collection, 24 percent about mortgages, 9 percent regarding credit reports, and 8 percent each regarding credit cards or deposit accounts.

Nearly half of mortgage complaints covered problems when a borrower was unable to pay, such as seeking a modification or dealing with a foreclosure. For deposit account complaints, almost half were about opening, closing or maintaining accounts. “For military personnel and their families, the realities of military life, including deployments, frequent moves, and a high operational tempo, can sometimes make access to those services extremely challenging,” said CFPB official Holly Petraeus.