Evan Preston
ConnPIRG Education Fund
Thousands of Americans are using the Consumer Financial Protection Bureau’s public Consumer Complaints Database to settle disputes with their banks, according to a new report from the ConnPIRG Education Fund. The report highlights banks that generated the most complaints through their various banking services in each state.
“Thanks to the CFPB’s complaints database, consumers who get ripped off or misled by their banks can make their voices heard and get satisfaction,” said Abe Scarr, ConnPIRG Education Fund Director. “Other consumers can view the public database and make smarter, more informed financial choices. By providing a roadmap for navigating the tricks and traps of the financial marketplace, this database is another way the CFPB gets real results for consumers.”
The report, “Big Banks, Big Complaints: CFPB’s Consumer Complaints Database Gets Real Results for Consumers,” is the first in a series that analyzes the data in the CFPB’s Consumer Complaints Database, which accepts complaints relating to a variety of financial products and services. This first report focuses on the complaints relating to bank accounts.
Some key findings:
While banks respond to 95 percent of complaints, approximately one in every five resolutions is still disputed by the consumer.
To make the public database more useful to consumers, the report also highlights several changes that the CFPB should make, such as developing a mobile app version for smartphone users. Most importantly, the CFPB should analyze the data regularly and move to act on problems that become apparent through the process.
“The CFPB should use the information and analysis to implement strong consumer protections,” said Scarr. “The database is a powerful tool for the CFPB to use in setting its agenda and taking on the most egregious banking practices.”
This is the first in a series of five reports by the ConnPIRG Education Fund that analyze the complaints in the CFPB’s public Consumer Complaints Database. Upcoming reports will analyze complaints relating to private student loans, credit cards, credit reporting, and debt collection.
Visit the CFPB’s public Consumer Complaints Database