Links in “Complaints”

87% of the organizations surveyed in a recent Osterman Research Report stated that they are unhappy with their internal compliance program. Although most of the organizations reported that they consider compliance a high priority and reported an average cost of $524 per employee per year, the consensus is that most feel their compliance management is focused too much on manual processes. [4/16]

Prepared remarks at the American Bar Association focused on efforts of CFPB in establishing regulations including efforts to increase public participation in the establishing of regulations, use of complaints to guide regulation creation, and continued efforts to work with financial industry to implement these regulations. [4/4]

CFPB official says that while 2013 say more complaints about mortgages than debt collection, debt collection complaints have now eclipsed mortgages for the top spot at a pace of about 5,000 complaints per month. [4/3]

Not that the CFPB has been asking for them, but apparently there was an 80% increase in number of complaints received by the CFPB according to the report issued. Top three complaints categories include mortgages (37%),  debt collection (19%), and credit reporting (15%). [4/1]

CFPB's Cordray states CFPB has received more than 31,000 complaints about debt collection, but the number of complaints posted in the database as of March 28 was 17,703. [4/1]

Democrats request that Wednesday's hearing on complaints of unfair employment reviews be cancelled. Republicans decline. [4/1]

While debt collection complaints logged by the CFPB declined 20 percent in February, lawsuits claiming violations of the Fair Debt Collection Practices Act increased more than 10 percent. [3/25]

Association of credit and collection professionals finds the CFPB's report on debt collection complaints "seeks to justify the CFPB's existence, but falls short in looking at the underlying causes." Key points raised include CFPB's definition of complaint, consumer unwillingness to communicate with debt collectors, the Catch-22 of not leaving messages that could divulge the existence of consumer debt to others vs. calling back again and being criticized for call frequency. [3/21]

CFPB fires its salvo on debt collection industry, citing the more than 30,000 consumer complaints received about the industry and noting common consumers complaint on being hounded by debt collectors about debts not owed, aggressive communication tactics and threats of illegal actions. Report cites Bureau's actions to combat cited weaknesses. [3/21]

CFPB's Deputy Director Steve Antonakes' speech to the U.S. Chamber of Commerce notes the Bureau's five tools of rulemaking, consumer complaint response, supervision, enforcement, and consumer education. Notes goal of Bureau to achieve evenhanded oversight, promote  innovation, and to see that consumer protections and business opportunities complement one another. [3/20]