The Consumer Financial Protection Bureau (CFPB) Office of Consumer Response issued a bulletin containing complaint data trends for 2020, including statistics on consumer complaints pertaining to the novel coronavirus (COVID-19).
According to the CFPB, of the total 143,609 complaints received between the first of the year and April 30, just over 4,500 pertained to COVID. The majority of those complaints originated from mortgage products, with the top issue being, “Dealing with your lender or servicer.” An increase in submission volume was also a highlight of the publication. The Bureau cited the months of March and April 2020 as the highest monthly complaint volume periods in the history of its existence, which correlates with the national declaration of emergency. Additionally, 59% of complainants cited they are struggling to pay their mortgage.
To review the complaint analysis highlights within the CFPB Bulletin, Complaints mentioning coronavirus keywords, click here.
Proctor will continue to monitor this topic and provide updates as they develop.