06/29/2023
Earlier this year, the Consumer Financial Protection Bureau (CFPB) published its Consumer Response Annual Report for 2022. The CFPB received nearly 1.3 million consumer complaints and sent more than 820,000 complaints for review and response to approximately 3,200 companies in 2022. The CFPB monitors complaints to assess risk in the consumer financial markets and to prioritize action. In 2022, the CFPB observed:
• Complaints about credit or consumer reporting increased, accounting for more than 75% of all consumer complaints. The most common complaint issue continues to be about inaccurate information on a consumer's report.
• Complaints about checking and savings accounts increased. Consumers described issues with managing an account. For example, consumers reported problems with account closures, fraudulent activity on their account, and problems with customer service (e.g., unable to reach representatives by phone, email, or in person; unable to get helpful information from customer service representatives when they were connected; unable to access previously available communication channels, such as mobile and online chats).
• Complaints about student loans made up a small percentage of complaints overall but increased significantly. The increase in federal student loan complaints was largely driven by consumers complaining about trouble with their lender or servicer. Consumers reported confusion around the repayment pause extensions, proposed changes to the federal loan program, and forgiveness programs (e.g., the Public Service Loan Forgiveness program).
• Consumer complaints about money service fraud or scams also increased. In these complaints, consumers stated that they were often tricked into sending money via phishing/smishing scams. Several virtual currency consumers lost money when they were contacted by scammers or fraudsters posing as investment or financial institution representatives.
The CFPB's complaint process is designed to give companies the opportunity to provide complete, accurate, and timely responses to their customers. Responsible companies use complaints not only as an opportunity to engage with consumers, but also as an indicator of potential weaknesses in a particular product, service, function, department, or vendor. Companies are encouraged to consider how best to incorporate complaint information into their institutional processes to help ensure that problems are detected early and addressed quickly.Read the report
Consumers can submit complaints about financial products and services, by visiting the CFPB's website or by calling (855) 411-2372.
Thank you,
Consumer Financial Protection Bureau