By examining complaint data, we can gain important insights into the CFPB and the industries it regulates.
Wilton, CT (PRWEB)
December 04, 2017
Against a backdrop of drama involving the Trump Administration’s appointment of Mick Mulvaney as the interim director of the Consumer Financial Protection Bureau (CFPB), consumer attorney Sergei Lemberg (http://www.lemberglaw.com) directed his staff to dive into consumer complaints filed with the agency. “The CFPB has been instrumental in empowering consumers, holding financial services companies accountable for unfair and abusive actions, and recovering billions of dollars for folks who have been ripped off,” he said. “By examining complaint data, we can gain important insights into the agency and the industries it regulates.”
According to Lemberg, a review of CFPB data revealed three distinct trends. “Since the CFPB’s inception, the number of complaints has skyrocketed, and will likely total more than 225,000 for 2017,” he said. “It is clear that consumers have come to count on the government to protect them against predatory or illegal financial practices.”
The second trend revealed by the Lemberg Law analysis is the uptick in certain categories of complaints. “Complaints about credit reporting agencies and student loan servicers are on pace to double in 2017,” said Lemberg. “That’s not surprising, given that 44 million Americans owe more than $1.4 trillion in student loan debt.”
The third trend gleaned from the Lemberg Law analysis was that, although Bank of America garnered the most consumer complaints over the arc of the CFPB’s history, in recent years the number of complaints against the banking behemoth have been aligned with other large banks. In contrast, the number of complaints against the big three credit reporting agencies – Experian, Equifax, and TransUnion – has increased significantly. “This surge in complaints points to issues with credit reporting errors,” said Lemberg. “Because inaccurate credit reporting negatively impacts consumers in virtually every part of their financial lives, it’s important to hold credit bureaus and information furnishers accountable.”
As the managing partner at Lemberg Law, Lemberg routinely represents clients in unfair debt…