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The CFPB Effectively Monitors Consumer Complaints but Can Enhance Certain Processes

The CFPB collects, investigates, and monitors consumer complaints about financial products and services. The number of these complaints has grown significantly in recent years, reaching nearly 1.3 million in 2022. The CFPB uses a risk-based approach to select companies for review and prioritizes companies with the most complaints. The agency has followed its processes for conducting reviews, but we found incomplete documentation in limited cases

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