CFPB Report: 2024-MO-C-016 June 24, 2024
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. Further, a pilot process to provide companies with reports about their complaint handling and response performance lacked key components: measurable objectives, a completion date, formal written guidance, and a way to evaluate the pilot.
This report contains three recommendations to enhance the CFPB's processes for issuing company-specific reports on response performance.
