CFPB Resource Disconnect

Since December, 2011 the CFPB has received 385,876 consumer complaints. Consumers’ Research created the below table based on a tally of complaints against specific financial products. The areas the CFPB is most focused on in 2015, automobile lenders, payday lenders, and title loan processors, are highlighted in red.

Together these areas account for under 3% of consumer complaints.

Sub-productNumber of ComplaintsPercent of Total
Electronic Benefit Transfer / EBT card10.0%
Transit card80.0%
Foreign currency exchange130.0%
Refund anticipation check150.0%
Traveler’s/Cashier’s checks180.0%
Money order230.0%
Payroll card250.0%
Credit repair260.0%
ID prepaid card300.0%
Pawn loan330.0%
Other special purpose card370.0%
Debt settlement380.0%
Check cashing600.0%
Government benefit payment card830.0%
Mobile wallet830.0%
Gift or merchant card960.0%
Title loan1520.0%
General purpose card2720.1%
Cashing a check without an account3390.1%
Second mortgage6640.2%
Domestic (US) money transfer9370.2%
Vehicle lease9860.3%
Reverse mortgage1,0040.3%
Personal line of credit1,1840.3%
International money transfer1,2180.3%
Debt Collection: Federal student loan1,2430.3%
Debt Collection: Non-federal student loan1,4140.4%
Debt Collection: Auto1,6680.4%
(CD) Certificate of deposit2,2220.6%
Debt Collection: Mortgage2,2430.6%
Payday loan2,4430.6%
VA mortgage2,4870.6%
Installment loan2,7520.7%
Savings account2,9070.8%
Debt Collection: Payday loan3,9741.0%
Other bank product/service6,2461.6%
Home equity loan or line of credit6,3651.6%
Debt Collection: Medical7,3741.9%
Vehicle loan7,6792.0%
Non-federal student loan115673.0%
Debt Collection: Credit card13,3133.5%
FHA mortgage13,6373.5%
Debt Collection: (blank)13,9623.6%
Conventional adjustable mortgage (ARM)15,8984.1%
Debt Collection: Other (phone, health club, etc.)18,1214.7%
Checking account33,2148.6%
Conventional fixed mortgage43,16911.2%
Credit card48,66312.6%
Credit reporting55,29114.3%
Other mortgage60,67915.7%
Grand Total385876100.0%
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Joseph Colangelo is Executive Director of Consumers' Research, the nation's oldest consumer-focused organization. Joseph grew up in Northern New Jersey and attended U.C. Berkeley on a Naval ROTC scholarship where he graduated with a Bachelor’s of Arts with a concentration in Political Science.

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