The Consumer Financial Protection Bureau (CFPB) uses consumer complaint data and analyses to support their supervisory, enforcement, and marketing monitoring activities.
PerformLine’s Complaint Risk Signal Report takes a deep dive into consumer complaint data collected from the CFPB’s Consumer Complaint Database to highlight key trends, present notable observations, and provide actionable takeaways that every financial institution should know to mitigate compliance risk.
Download the report for the latest insights into consumer complaint trends to help mitigate your compliance risk and to meet your consumer protection goals.
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Table of Contents
- The importance of consumer complaints for compliance
- How to avoid consumer complaints
Section 1: Overview of the CFPB + How They Use Complaints
- The Process
- Total Complaints in the Database
Section 2:Complaint Trends by Year, Location, and Category
- Annual Complaint Trends By Product
- Complaints Per Capita
- Complaints by Special Groups
- Top Complaint Issues by Product
- This Year so Far
Section 3: Enforcement Trends + Risk
- Enforcement by the Numbers
- Risk of Enforcement Based on Complaints
- Enforcement Risk Scale
Section 4: COVID and Complaints
- COVID-19 Complaints by Product
- Total COVID-19 Complaints
Section 5: Industry Deep Dives
- Mortgage and Fair Lending
- Buy Now, Pay Later
- Student Loans
- Credit Cards
- Credit Reporting
- Virtual Currency
- Debt Collection
- Auto Loans and Leases
- Bank Accounts
- Personal Loans
Section 6: Takeaways
Key takeaways from the
Complaint Risk Signal Report
Monitor your marketing materials
Consumer complaints matter
Expect increased enforcement
Use the Enforcement Risk Scale
Be aware of the pandemic impact
Follow the CFPB Bulletin
How can consumer complaints help improve your organization’s compliance program?
According to the CFPB, companies can use consumer complaint information to:
- Gain important knowledge about their business, competitors, and industry
- Identify potential risk management weaknesses or deficiencies, including regulatory compliance violations
- Reveal weakness(es) in products, services, functions, departments, or vendors
- Identify opportunities to enhance the consumer experience and understanding of financial products and services
By being aware of the types of challenges that consumers are facing in the marketplace, organizations can use this information to shape their compliance programs to focus on the most pressing issues presenting risk to their business. Organizations can better protect consumers and avoid the complaints that lead to investigations and enforcement actions by the CFPB by proactively monitoring marketing communications for compliance with regulations and for potential deceptive practices.
Discover. Monitor. Act.
How to avoid consumer complaints with a strong marketing compliance program
Ensuring all marketing and sales communications with your consumers are compliant and transparent is critical to building trust.
PerformLine is built to help compliance teams protect their brands by mitigating risk in their marketing and sales channels while gaining efficiency through automation.
With PerformLine, organizations like yours can monitor all of its marketing channels and partners at scale to better protect consumers and avoid the complaints that lead to investigations and enforcement actions by the CFPB.