WASHINGTON (8/1/12)--Consumer complaints, and how those complaints have been resolved, were addressed in the Consumer Financial Protection Bureau's (CFPB) latest semiannual report to the U.S. Congress.
The agency said it received 55,300 consumer complaints between July 21, 2011 and June 30, 2012. Mortgage issues prompted 43% of those complaints, and 34% of the complaints received were tied to credit card accounts.
More than half of the mortgage complaints related to loan modifications, foreclosures or collections. The CFPB said a large number of consumers expressed confusion about whether making timely trial period payments would help them receive permanent mortgage modifications.
One-quarter of the complaints related to loan servicing. Loan application issues were also common, the CFPB reported.
Fourteen percent of the 18,800 credit card complaints reported to the agency involved billing issues, and 10% were tied to interest rate issues. Identity theft incidents, credit reporting issues, late fees and collection disputes were also reported to the CFPB.
Account management was a chief concern in 41% of the 8,100 bank account complaints filed, and many consumers also said the terms of some overdraft protection plans were confusing.
Around 80% of the complaints received by the CFPB were forwarded on to the institution named in the complaint, and just over one-in-four of these complaints resulted in financial relief for the consumer. Three percent of the complaints were closed without monetary relief. More than half of the complaints were closed with an explanation to the consumer, and 13% of the complaints are still under review.
The agency also detailed the steps it has taken to improve financial institution oversight, and enhance consumer protections, over the past year.
CFPB Director Richard Cordray was scheduled to discuss the report before the Senate Banking Committee on Tuesday, but that hearing was removed from the schedule.
For the full CFPB report, use the resource link.