​CFPB Reviews Consumer Complaint Trends

The Consumer Financial Protection Bureau released a report on Monday on consumer complaint trends in 2014. While complaint volume rose 53 percent from 2013 to 2014, the steady monthly increase in 2013 tapered off in 2014, averaging about 20,000 per month.

In 2014, debt collection represented about one third of complaints — the largest share. Mortgages and credit reports each represented about a fifth of complaints; deposit accounts represented 8 percent of complaints and credit cards 7 percent.

For mortgage-related complaints, 81 percent were closed with just an explanation from the company. For deposit accounts, that figure was 66 percent; for credit cards, it was 60 percent. For the products most commonly offered by banks, companies almost universally provided a timely response. The highest non-response rates were for payday loan and debt collection complaints.