CFPB issues report on servicemember complaints


The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through December 31, 2012.

In 2012, the CFPB received 3,455 servicemember complaints, with predominately mortgage complaints, followed by credit card and credit reporting complaints. Of the mortgage complaints, the top issue was loan modification, collection and foreclosure. The top issues for credit card and credit reporting complaints were, respectively, billing disputes and incorrect credit report information.

For all servicemember complaints, the median monetary relief was $170. However, the median monetary relief for mortgage complaints and private student loan complaints was significantly higher than the overall medium relief. For mortgage complaints, the median monetary relief was $494 and for private student loans, such relief was $1866.

In October 2012, the Office of Servicemember Affairs, together with the CFPB’s Student Loan Ombudsman, issued a report on the servicing of student loans to servicemembers. The report indicated that, due to servicing errors, many servicemembers were not receiving various benefits for active-duty servicemembers with student loans to which they were entitled. The higher relief for private student loan complaints could in part reflect adjustments made to correct such errors.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:


Ballard Spahr LLP on:

Popular Topics
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.