CFPB’s consumer complaint database
Deloitte’s analysis reveals valuable insights
With the Dodd-Frank Act’s creation of the Consumer Financial Protection Bureau (CFPB) in 2010, a new era in consumer protection began. How can financial institutions turn what they hear from the CFPB’s consumer complaint database into a business advantage?
Deloitte’s analysis of the CFPB’s consumer complaint database has produced a number of valuable insights about the nature and sources of recent complaints, including:
- Troubled mortgages are behind the majority of the complaints – a growing trend
- Customer misunderstanding may create more complaints than financial institution error
- Affluent, established neighborhoods were more likely sources of complaints
- Complaint resolution times have improved