Where are the CFPB’s complaint and supervisory highlights reports?

Ballard Spahr LLP
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The CFPB has apparently decided to put its monthly complaint reports on hold.

The CFPB’s last monthly complaint report was its October 2017 report, a “special edition” report that provided data on servicemember complaints on a nationwide and state-by-state basis.  (This “special edition” report, like other CFPB “special edition” monthly complaint reports, departed from the format of the CFPB’s standard monthly reports.  In its standard reports, the CFPB provided an analysis of  monthly complaint trends and highlighted complaints received about a particular product and from consumers in a particular state and city.)

The CFPB has not provided an explanation for why it has not been issuing new complaint reports.  In its RFI on its practices for the public reporting of consumer complaint information, the CFPB is seeking comment on the following issues related to the monthly complaint report:

  • whether it should include more, less, or the same amount of reporting on State and local complaint trends
  • whether it is net beneficial or net harmful to the transparent and efficient operation of markets for consumer financial products and services for the CFPB to publish the names of the most-complained-about companies
  • whether it should provide more, less, or the same amount of context for complaint information particularly with regard to product or service market size and company share
  • whether it should supplement observations from consumer complaints with observations of company responses to complaints
  • whether it should share more, less, or the same amount of information on month-to-month trends
  • whether it should share more, less, or the same amount of information on particular products and services

The CFPB’s last Supervisory Highlights report was its Summer 2017 Supervisory Highlights, which was issued in September 2017 and covered supervisory activities generally completed between January through June 2017.  It previously issued Supervisory Highlights covering supervisory activities generally completed between September through December 2015 and between September through December 2016 in, respectively, March 2016 and April 2017.  In the CFPB’s RFI on its supervision program, one of the topics on which the CFPB is seeking comment is the usefulness of Supervisory Highlights to share findings and promote transparency.  Assuming the CFPB plans to continue to issue Supervisory Highlights while it reviews comments on the RFI, we would expect to see a new Supervisory Highlights very soon covering supervisory activities generally completed between July through December 2017.

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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