CFPB releases its top monthly consumer complaints

The Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about financial services that generally revolve around issues of fraud or problems with reliable customer service. These types of complaints fall in the category of “other financial services.” “Many of the financial services examined in today’s report are used […]

The Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about financial services that generally revolve around issues of fraud or problems with reliable customer service. These types of complaints fall in the category of “other financial services.”

“Many of the financial services examined in today’s report are used by people struggling to make ends meet who can least afford to have issues with their financial products,” said CFPB Director Richard Cordray. “The Bureau will continue to use complaints submitted about these products to target bad actors in the financial marketplace.”

As of Jan. 1, 2016, the CFPB handled 2,700 other financial service complaints. Some of the findings include:

  • Excessive fees for debt settlement and credit repair services
  • Problems redeeming money orders
  • Fraud when consumers use money orders and travelers checks 

For more information about these complaints, view the full article on CFPB’s website.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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