The Consumer Financial Protection Bureau received a record number of consumer complaints in 2020, with credit-reporting complaints making up a majority of the grievances, according to study released Monday by the U.S. PIRG Education Fund.
Experts say President Biden’s CFPB will likely be more aggressive in tackling predatory behavior and doling out penalties, as well as bolster consumer protections in areas like payday lending, overdraft fees, consumer data and credit reports. The Biden-era CFPB is also expected to undertake stronger scrutiny of the student-loan industry, experts and former staffers say.
Francis Creighton, the president and CEO of the Consumer Data Industry Association, a trade group that represents all three agencies, said the industry’s internal data showed no evidence that complaint activity reflected a credit-reporting problem. A majority of credit-reporting complaints were related to “incorrect information on your report,” with most of those incorrect-information complaints categorized as “information belongs to someone else.” About one out of five consumer-complaint narratives about information belonging to someone else mentioned identity theft, the report said.
“Analysis of complaint volumes and the types of complaints received shows that, as consumers dealt with the economic fallout of the pandemic, they increasingly faced problems with financial companies,” the report said. “The CFPB, the Biden administration and Congressional policymakers should take immediate and longer-term actions to protect consumers and rein in unfair practices in the financial marketplace.
“The CFPB takes companies’ responsiveness to these complaints very seriously, and we are looking at how companies respond to complaints and what those complaints say when determining whether to prioritize exams or law enforcement action,” they added.
Does CFPB really not even know there are thousands of bitcoin-hawking schmucks on twitter trying to sell their ponzi scheme by criticizing the dollar? They comment over and over that they are out of reach of the law. People are going to get hurt by this.
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