All Consuming - Financial Litigation Insights, Volume 2, Issue 7

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.

Please see full Newsletter below for more information.

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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.

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Spilman Thomas & Battle, PLLC

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