CFPB's Complaint Database Holds Surprises
An in-depth look by the CFPB into its consumer complaint database has yielded some surprising insights, including a lower-than-expected number of payday loan complaints. While 34% of complaints in the database regarded mortgages, 20% regarded debt collection and 14% concerned credit card products, just 1% were for payday loan products. The discrepancy may be due to the comparatively late rollout of the payday lending complaint system or to lower awareness of the CFPB complaint system among consumers targeted by payday lenders. The CFPB is set to introduce new payday lending regulations later this year.