In an insightful new report titled “Major Areas of Growth in CFPB Consumer Complaints Data”, legal news outlet JD Supra points out towards a significant trend pertaining to the expanded volume of complaints logged by consumers against financial companies with the Consumer Financial Protection Bureau (CFPB).JD Supra has, in this report, conducted a highly proficient analysis of data that is otherwise made publicly available by the CFPB.
According to JD Supra calculations, during the onset of 2018, the CFPB complaint portal registered approximately 20,000 consumer complaints each month. This figure pales in comparison to recent monthly complaint tallies, which have surged to nearly 100,000. This is a striking fivefold increase over a three-year period.
Among the intriguing questions raised in this report, one critically stands out: Which companies have been driving this boom in consumer dissatisfaction?
However, JD Supra’s report does not mention precisely which financial firms are seeing the most complaints. For corporate legal professionals, this prompts the importance of using CFPB’s public data to not only monitor the landscape for their own company’s standing but also to gain insights into broader industry trends, strengths, and vulnerabilities.
Maintaining an ongoing assessment of the publicly available CFPB complaints could prove instrumental for legal executives and corporate compliance officers in identifying regulatory risks, adjusting internal controls and processes, and most importantly, refining customer relations policies.
This recent surge in CFPB complaints is a reminder of the crucial role such consumer protection organizations play in fostering corporate transparency and accountability. The need to tackle these complaints proactively and efficiently has never been more paramount given the burgeoning number of dissatisfied customers.
Ankura, a prominent global business advisory and expert services firm, has brought this issue to the fore. The firm continues to scrutinize the current financial landscape and play a crucial role in guiding consumers and businesses alike through these growing regulatory complexities.