ICFE
ICFE eNEWS #16-07 - March 24th 2016
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CFPB issues fourth annual report on servicemember complaints

Posted: 23 Mar 2016 12:01 PM PDT
Barbara S. Mishkin

The CFPB's Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families.

The report states that in 2015, the CFPB received approximately 19,200 complaints from members of the military community. (Total complaints received by the CFPB in 2015 were approximately 271,600.) Approximately 71 percent of the military complaints were submitted through the CFPB's website, with the balance submitted by telephone, mail, email and fax. In 2015, the CFPB received 13% more military complaints than it received in 2014.

The three most-complained-about products or services were debt collection, mortgages, and credit reporting. Of the total military complaints, approximately 46% (8,900) involved debt collection. The report indicates that military consumers submitted debt collection complaints at almost twice the rate of the general consumer population.

Specific issues involved in military complaints included:
The report also describes CFPB outreach efforts to the military community, such as visits to military installations, and 2015 enforcement actions involving servicemember issues. Those enforcement actions included an action against processors of military allotments and another against a mortgage lender alleged to have engaged in deceptive advertising by falsely suggesting that the lender was affiliated with the U.S. government.

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Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

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