CFPB Releases Bulletin Analyzing Consumer Complaints

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The CFPB recently issued a bulletin analyzing complaints submitted by consumers in counties across the nation. The bulletin categorizes various trends that the CFPB has identified in per-capita submission of complaints in 2019 and 2020.

Among other information, the CFPB reported the following key findings:

  • Consumer complaints increased across all demographic groups, but consumers living in predominantly minority counties submitted more complaints on a per capita basis in nearly every one of the 11 product categories;
  • Consumers in counties with the highest percentage of minority population submitted complaints at over four times the rate compared to counties with the lowest percentage of minority population; and
  • Credit or consumer reporting “appears to cause significantly more issues for consumers in predominantly minority counties.”

The CFPB plans to enhance its complaint form by creating a new demographic section that gives consumers the option to provide information regarding household size and income.

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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