A large number of the 230,000 complaints filed through the Consumer Financial Protection Bureau (CFPB) have been related to mortgages or debt collections.
Yahoo! News reports that the CFPB Director Richard Cordray is encouraging Americans to complain more “about problems with mortgages, credit cards, student loans [and] auto loans.” The agency only accepted credit card loans at first but it has now expanded and it receives about 10,000-12,000 complaints a month.
Cordray also said that consumers who file complains might also get compensation for their troubles. The CFPB has collected about $750 million for consumers since it opened its doors 2011. The agency deals with all sorts of complaints, including from the financial sector it regulates and Republicans in Congress who could make it more difficult for low-income Americans to borrow money.
The opinions contained in this column are solely those of the writer.
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