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Consumer Complaint and Compliance Trends for Leading Banks

An analysis of consumer complaints submitted to the CFPB against the top 25 banks in the U.S. and the compliance risks they present

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According to the CFPB, consumer complaints provide valuable information about the types of challenges consumers are experiencing in the marketplace and the effectiveness of an organization’s compliance management system.

By being aware of the types of issues that consumers are complaining about, organizations can use this information to shape their compliance programs to focus on the most pressing issues presenting risk to their business. 

Here are the top consumer complaint trends for the leading banks in the U.S. that organizations should know to mitigate risk.

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18k+ Complaints

Since January 2023, there have been over 18k complaints against the top 25 banks in the CFPB’s Consumer Complaint Database.

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Top Complaints for Leading Banks

The number of complaints against leading banks continues to rise each year. On average, consumer complaints have increased 18% year-over-year since 2020.

Top Complained About Products for Leading Banks

The top three product-specific areas of complaints for 2022 are checking or savings accounts, credit cards or prepaid cards, and credit reporting. These three products make up over 78% of product-specific complaints against the top 25 banks in the database.

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Total Complaints for Leading Banks

The top three complaint issues include managing an account, incorrect information or improper use of a report, and problems with a purchase shown on a statement. Collectively, these three issues make up 45% of the complaints against the top 25 banks in 2022.

Key Takeaways for Your Organization

Prioritize Consumer Needs

As complaint counts continue to increase for the top 25 banks in the U.S., staying vigilant is critical. The dominance of issues related to checking or savings accounts, credit cards/prepaid cards, and credit reporting in 2022 suggests that banks must adapt by improving their customer support services, streamlining account management processes, and ensuring transparent communication to address evolving consumer needs effectively.

Proactively Monitor for Compliance 

Proactive compliance monitoring can catch compliance issues before they escalate from the consumer to the CFPB. Implement systems to regularly monitor web pages, social media, call centers, and other communication channels to flag potential complaints or other compliance issues so you can address them quickly.

Focused Compliance Education

Banks should invest in educating their staff, especially those in customer-facing roles (like marketing or sales), about compliance standards and effective communication practices. A well-informed team can help prevent issues and ensure customer interactions align with compliance requirements.

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 leading banks protect their brands by mitigating risk in their marketing and sales channels while gaining efficiency through automation.

With PerformLine, organizations like 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.

Level Up Your Compliance Program