The CFPB has expanded its publicly available complaints database with the addition of over 7,000 new complaints, including those made from mortgage applicants. An analysis of the newly available complaints highlights how many of the entries were received by larger institutions with nearly half coming from seven lenders (Mortgage Professional America, 6/29/2015):
The CFPB released a snapshot of all grievances aired by consumers, publishing 7,700 complaints on Thursday. And it claims the database will help millions of Americans make more informed banking decisions…
The Boston Globe crunched some numbers for Massachusetts and discovered many of the complaints compiled in the database are against big banks.
Bank of America received the most complaints (1,294), followed by Citibank (481), RBS Citizens (479), Santander Bank US (444), JPMorgan Chase (433), Wells Fargo (393), and Ocwen (377).
These complaints are sources of information that can initiate questions and inform ongoing regulatory examinations; therefore it is important that lenders factor in the quantity and resolution of complaints they receive as a component of their Fair Lending analysis and CRA compliance monitoring efforts.