CFPB addresses consumer complaints with online access for all

Borrower complaints against lenders have been collected since July 2011 by the Consumer Financial Protection BureauAn independent federal agency created by the Dodd-Frank Act responsible for regulating consumer protection with regards to financial services and products. (CFPB), created as part of the Dodd-Frank Wall Street Reform and Consumer Protection ActA collection of significant changes to U.S. financial regulation in response to the financial crisisAn economic downturn resulting from the failure of banking and government agencies to regulate and adjust to developing market conditions... So far it has collected 45,000 complaints from consumers about unfair or abusive lending practices.

37,000 of those complaints were forwarded to the relevant companies, who responded to 89% of them. 80% of the complaints the CFPB received have been resolved to the consumer’s satisfaction. Most important to our readers, a whopping 42% of the complaints pertained to mortgages.