WASHINGTON – The CFPB’s consumer credit card complaint database went live yesterday logging 137 complaints. None of the issues reported involve credit union-issued cards.
The database gives details on what prompted a consumer's complaint, the consumer’s zip code, and the company against which the complaint was made. Information on how the issue was resolved and whether the resolution was satisfactory is also included.
The agency said it will update the database as new complaints are received. Overall, the agency said it has received approximately 17,000 complaints in the past year, and these complaints should be added into the new online database later this year.
The CFPB has only collected and passed on to credit card issuer complaints related to financial institutions with more than $10 billion in assets. Complaints involving cards issued by smaller institutions, such as all but two credit unions, are referred to other prudential regulators.
According to 2010 Federal Reserve estimates, nearly 610 million credit cards are held by U.S. consumers and the average credit card user maintains 3.5 credit accounts.
Billing disputes have been the most common complaint lodged with the agency, and the CFPB said that 84% of the credit card complaints filed have been forwarded on to consumers' respective credit card companies. Card companies have responded to 2,000 of the complaints by compensating cardholders financially, and the CFPB said $25 payments were the most common form of financial relief given by card companies. The median amount of relief given was $130.
The agency on Tuesday said it is also considering creating similar databases to compile and present complaints regarding the other consumer financial products it regulates, including mortgages, private student loans, and bank products. The CFPB will accept public comment on this possibility until July 19, and similar databases could go live by the end of this year.
CUNA will file a comment letter strongly recommending the CFPB's consumer complaint process be as tailored as much as possible to avoid groundless consumer complaints
The CFPB release is available here.