CFPB Sees Record Consumer Complaints During COVID-19

Last month, more than 33,000 consumers filed complaints with the Consumer Financial Protection Bureau (CFPB), setting a new monthly record since the database launched in 2011.

According to U.S. PIRG (Public Interest Research Group), credit reporting complaints rose by more than 20,000 in April, double the number from 2018. Of the complaints that include written explanations and mention coronavirus, mortgages and credit cards topped the list.

For all the complaints CFPB receives, 97 percent of consumers receive timely responses to their complaints, with most companies responding within 15 days.

Throughout the pandemic, the CFPB and other financial regulators have been hard at work to protect Americans, particularly those who are experiencing a loss of income. Along with providing direct assistance to consumers, the CFPB has a host of guides and resources to help consumers protect and manage their finances during the coronavirus pandemic. 

NTEU, which proudly represents CFPB employees, has fought to oppose efforts to abolish the CFPB, weaken the agency by placing it under the appropriations process, and limit or eliminate employees’ workplace rights.