Items Tagged with 'consumer complaint database'

ARTICLES

  • CFPB invites comments on “usefulness” of consumer complaint database, reports

    Latest in string of requests for information from agency in upheaval
    The CFPB’s consumer complaint database and the reports derived from it have long been a source of consternation for the financial services industry, ever since the bureau decided to make those complaints public over the objections of many industry observers. But there’s a new boss at the CFPB now, and he ain’t the same as the old boss.
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  • CFPB: Here's where older consumers have the most financial complaints

    Three charts break down complaint data
    While complaints from older consumers don’t necessarily make up the largest portion of the Consumer Financial Protection Bureau’s complaint database, the risk of financial exploitation among this population is growing. So what’s one of the top complaint topics? Mortgages, especially reverse mortgages.
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  • CFPB analyst: We use consumer complaint database as insider guide for exams

    Analyzes complaints for potential legal violations
    The Consumer Financial Protection Bureau’s consumer complaint database has been a source of controversy since its inception, as many industry participants took issue with the fact that the complaints were made public, despite potentially being unverified and unproven. And based on what one CFPB analyst said Wednesday, you can see why the complaint database is the bane of the financial industry’s existence.
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  • Say goodbye to the controversial CFPB consumer complaint database?

    Leaked memo: CHOICE Act 2.0 may shut it down
    The Consumer Financial Protection Bureau’s controversial consumer complaint database might not have much life left. Last week, a memo reportedly from the House Financial Services Committee Chairman revealed plans for an even more aggressive version of the Republican-crafted Financial CHOICE Act, and one item included in the plans is the elimination of the consumer complaint database.
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  • CFPB consumer complaint database about to hit 1 million complaints

    Cordray discusses milestone during Wells Fargo hearing
    The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts.
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  • Is Wells Fargo scandal just the beginning of big-bank bad-behavior probe?

    CFPB director: "We will be looking for these types of problems"
    A quick search through the CFPB's public consumer complaint database produces some alarming results that raise the question: "Is Wells Fargo’s cross-selling scandal over and is it really limited to only one bank?” The following complaint examples do exactly what the database is designed to do, "humanize the problems." With millions of customers already impacted from Wells Fargo’s scandal, you can bet potential and current borrowers are now more weary about trusting banks.
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  • Congress to consider changes to controversial CFPB complaint database

    New bill would require verification of complaint details
    When the Consumer Financial Protection Bureau began publishing consumers' complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven. But this could all change soon thanks to a new bill that Congress is set to consider.
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  • CFPB takes on marketplace lenders

    Accepting consumer complaints about online lenders could serve as a warning
    Interestingly, consumers can already file complaints about marketplace lenders on the Complaint Database through the "mortgage" product category or other categories. So why call out a specific type of lender to consumers? One group of analysts sees the move as a warning.
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  • CFPB: Complaints about Ocwen keep falling

    Only one in top 10 most-complained-about companies that saw complaints drop
    Long the target of regulators and consumers due to its mortgage servicing practices, Ocwen Financial finds itself in a unique position in a new report from the Consumer Financial Protection Bureau: Complaints against the much-maligned nonbank keep falling.
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