CFPB headquarters in Washington, D.C. (Source: Shutterstock)
The CFPB received a record number of complaints during April and May, according to a new report by the agency.
According to the CFPB, mortgage and credit card complaints were at the top of the list of the more than 72,000 complaints filed during those two months. The report noted that the "historically higher" number of complaints mentioned the coronavirus, COVID-19 or related terms. Of the complaints filed, more than 4.500 were virus-related issues.
The agency's data showed that 22% of the complaints were related to mortgages and 19% to credit cards.
According to the CFPB's report, "Among mortgage complaints that mention coronavirus keywords, 59% of consumers identified struggling to pay the mortgage as the issue. For credit card complaints, 19% of consumers identified a problem with purchase shown or statement as the issue."
Page from the CFPB report showing the number of COVID-19-related complaints.
The report also highlighted other complaint issues, including:
- Servicemembers submitted approximately 600 complaints mentioning coronavirus keywords in March and April 2020; 8% of complaints submitted by servicemembers were COVID-related compared to 5% of non-servicemembers.
- Older Americans, those age 62 and older, submitted approximately 300 complaints mentioning coronavirus keywords in March and April 2020; 9% of complaints submitted by older consumers were COVID-related compared to 6% of non-older consumers.
- Comparing the weekly average complaint volume before and after the coronavirus emergency declaration, prepaid card complaints saw the greatest percent increase at 77% and student loan complaints saw the greatest percent decrease at 21%.
According to the CFPB, the agency has handled 2.2 million consumer complaints since 2011.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
