Links in “Complaints”

The rivalry between "actual business" and "compliance" is heating up, and compliance appears to be winning, with financial institutions like JPMorgan hiring 8,000 compliance people since the start of the financial crisis. [6/25/15]

The CFPB reports it has received 34% more private student loan complaints than last year, not surprising given its efforts over the last year to stimulate complaints. [6/23/15]

The CFPB is turning up the heat on lenders with recently adopted revisions to its Consumer Complaint Database process. AffirmX VP Jane Pannier brings you what you need to know to make sure your financial institution stays ahead of the curve. [5/15/15]

In response to the top complaint received by consumers, the FTC has launched IdentityTheft.gov, a new, interactive resource that makes it easier for identity theft victims to report and recover from identity theft. [5/15/15]

Lending to military members is an ever-increasing concern, and it’s an area the CFPB has more than cracked down on. But due to a high volume of complaints from servicemembers, veterans, and their families as exposed in a recent report, the CFPB may be coming down even harder. [5/5/15]

The ABA proposes a number of fixes the CFPB should make before it begins to publicly disclose complaint narratives, from establishing a process that would be able to identify whether a complaint is materially inaccurate and whether consumers will even glean any salient information to inform their financial decisions from redacted narratives and structured responses. [4/14/15]

The ABA tells CFPB that its idea of offering banks a selection of sterile, structured responses to impassioned public consumer complaints will suggest to the public indifference, and unfairly cast the industry as out of touch and unconcerned. [4/9/15]

A major emphasis from the Fed Board's watchdog group to the CFPB on employment diversity is the need to improve tracking of workforce data. (Also see Risk Watch 55 for more key takeaways for financial institutions from the Office of Inspector General's report.) [4/7/15]

The CFPB director calls the consumer complaint report "a compass to direct our work." If so, look for the bureau's examiners to focus on credit report accuracy, which contributed to an 85% increase in credit reporting complaints from 2013 to 2014. [3/31/15]

The CFPB recently released its 2014 Consumer Response Annual Report. The report analyzes the complaints received by the CFPB in the previous year. Debt collection complaints were the most common, totaling 35% of all complaints. [3/30/15]