CFPB's Monthly Complaint Report Takes a New Approach

The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company and by state. This month, however, the Report has taken a new view- one based upon a state by state analysis and new national statistics. Here are the major takeaways on the national front:

• The Report rather succinctly notes the following
• Complaint volume rose 7% between 2015 and 2016.
• Debt collection and mortgage product types account for approximately half of all complaints filed. 
• Over half of all consumers submitting complaints want their narratives published.