Today the Bureau of Consumer Financial Protection, formally the “CFPB,” published a complaint report throughout all 50 states and the District of Columbia. One of main responsibilities, The Bureau collects consumer complaints from a varied financial spectrum such as mortgage, auto loans, payday loans, debt collection, and banking. They analyze state and national patterns for regulatory enforcement and the primary goal of consumer protection. Aside from monthly reports or a special interest group report, such as student loans or military finance, the Bureau also releases a 50 state complain report “snapshot” annually. The complaint report provides a bird’s eye view of financial patterns of the entire nation based on consumer complaints. It provides a wealth of information and statistics about consumer financial products and services per state. Some of the information on the complaint report includes,
- Amounts of complaints by state
- Top consumer issues to address
- Top financial product complaints
The national statistics for all 50 states from January 2017 to June 2018 include:
- 494,540 complaints received
- 27,474 average complaints per monthDebt collection is the top complaint with 302,438 total
- 121,180 of complaints (40%) where attempts to collect a debt not owed.
Interesting highlights provided by the Bureau’s press release included,
- We’ve received more complaints from consumers in California than any other state. Florida, Texas, New York, and Georgia took the next four spots.
- In Florida, consumers complained to the Bureau most often about credit or consumer reporting, while the most common complaint we received from consumers in Texas was about debt collection.
- People in Wyoming submitted the fewest complaints of any state.
The full 50 State complaint report can be found here
The Bureau explains that,
“This Complaint snapshot covers complaints submitted from January 1, 2015 through June 30, 2018. It provides an overview of the similarities and differences in complaints about consumer financial products and services by state. State snapshots are presented in descending order by the number of complaints submitted from January 2017 through June 2018 per 100,000 population.”