The Consumer Financial Protection Bureau on Thursday published the first in a new series of monthly reports that highlight key trends found in the complaints the consumers submit to the Bureau. The monthly reports will provide the public and the marketplace with insight into the hundreds of thousands of complaints the CFPB receives from consumers on financial products and services.
Information included in the monthly reports will include complaint volume, product trends, state information, and the most-complained-about companies. The top category for complaints received in June 2015 was debt collection with about 32 percent of the complaints received. Complaints on loans increased the most year-over-year, from about 660 last year at this time to an average of about 1,020 complaints per month.
The three companies that the CFPB received the most complaints regarding during the period of February through April 2015 were Equifax, Experian, and Bank of America.
Regulators are hindering much-needed competition in the banking industry and placing consumers and taxpayers at risk, according to a report released on Thursday from the Competitive Enterprise Institute. The report also revealed that this lack of competition in banking furthers the same too-big-to-fail rationale that led to past bank bailouts. Five years following the Dodd-Frank financial reform, 'too-big-to-fail' banks are drowning in regulations. Within this same time period, regulators have only approved only one new bank, while before 2010, the Federal Deposit Insurance Corporation approved an average of 170 new banks per year.