Consumer Complaints to the CFPB for 2020 Up 54 Percent Over Previous Year -
"The CFPB handled about 542,300 complaints last year – a nearly 54 percent increase over the 352,400 complaints handled in 2019."
Why this is important: Clearly, the COVID-19 pandemic influenced the increase in complaints according to the CFPB's recently issued report, “Consumer Response Annual Report January 1 – December 31, 2020.” The report describes issues consumers reported to the CFPB in 2020. As in the past, consumer complaints provide the CFPB with an important real-time window into where consumers encounter problems in the marketplace.
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