Complaints about mortgages, credit cards and other financial products are still rising at the Consumer Financial Protection Bureau.
CFPB Director Richard Cordray will tell the Senate Banking Committee Thursday the bureau received nearly 72,300 such complaints as of Sept. 3.
That’s up more than 30% from 55,300 reported through June.
Nearly half of these complaints concern mortgages.
“The pace of complaints has been increasing over the past year,” Cordray said in his prepared written testimony.
The bureau is working to finalize a slew of rules for lenders and servicers, which should be finalized in January. The largest servicing firms anticipate installing similar requirements this year from the $25 billion settlement with the states.
“We are writing rules that simplify mortgage disclosure forms and rules that make sure consumers do not receive mortgages that they do not understand or cannot afford,” Cordray said. “Our rules will also bring greater transparency and accountability to mortgage servicing.”
