The bureau intends access to the “government portal” to allow cities and counties to be more responsive to consumers. But it also expects the data sharing will enable it to “force-multiply” enforcement efforts.
Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes.
The CFPB said romance and confidence schemes factor frequently in consumer complaints related to crypto assets. Hacks and platform and service failures are another major problem.
Although they represent a small share of total complaints, student loan gripes increased by almost 50% in the third quarter. Mortgage-related complaints, on the other hand, continued to decline. (Includes two data charts.)
Researchers have found that as nonbank mortgage lenders increase their market share in a county, the frequency of mortgage-related complaints filed with the CFPB decreases.
Complaints to the CFPB about mortgages decreased in the second quarter, with gripes tied to originations slowing faster than servicing issues. Mr. Cooper remained the mortgage company with the most complaints. (Includes two data charts.)
Consumer gripes filed with the CFPB increased 15.5% from the first to the second quarter, according to a new analysis. Complaints about credit reports accounted for more than three-fourths of the total. (Includes two data charts.)