On March 29, 2024, the CFPB issued its latest Consumer Response Annual Report that analyzes complaints submitted by consumers to the CFPB between January and December 2023. The CFPB reported that it sent more than 1.3 million complaints to more than 3,400 companies for review and response in 2023.
The CFPB monitors complaints to assess risk in consumer financial markets and to prioritize agency action. The report included the following observations:
Complaints about credit or consumer reporting continued to increase in 2023, accounting for more than 81% of all consumer complaints sent to companies;
Debt collection was the second most common complaint type with the CFPB sending nearly 70,000 debt collection complaints to companies; and
Student loan borrowers reported persistent difficulties in accessing customer service, delays in refunds for payments made during the coronavirus (COVID-19) payment pause, processing delays when attempting to access different repayment programs, and problems with qualifying payment counts for forgiveness programs, among other issues.
The annual report can be found here.