The CFPB submitted to Congress its annual Consumer
Response Report for 2020. According to the Bureau, the report highlights
the impact of the COVID-19 pandemic on the consumer financial marketplace as
reflected in an increase in the total number of consumer complaints.
The CFPB handled approximately 542,300
complaints last year—a nearly 54% increase over the approximately 352,400
complaints handled in 2019.
The report reflects issues consumers reported
to the CFPB in 2020 as influenced by numerous factors including changing market
conditions. According to the CFPB report:
- Credit and consumer reporting complaints accounted for
more than 58% of complaints received, followed by debt collection (15%),
credit card (7%), checking or savings (6%), and mortgage complaints (5%).
- Beginning in April 2020, consumers began to submit more
than 3,000 complaints mentioning coronavirus keywords nearly every month.
Consumers submitted approximately 32,100 complaints mentioning coronavirus
or related keywords in 2020. Absence of coronavirus as a keyword in a
complaint does not necessarily mean the complaint was not related to the
financial impact of the pandemic.
- The CFPB received 40,800 complaints from
self-identified servicemembers, veterans, and military families.
This report also highlighted multi-year
complaint trends that pre-date the pandemic, as well as how companies have
responded to complaints.