The Consumer Financial Protection Bureau ("CFPB") provided its semi-annual report to Congress. The report outlines issues faced by consumers, as well as consumer complaints and internal improvements, during a six-month period commencing on April 1, 2018 and ending on September 30, 2018.
According to the CFPB, the two most significant consumer issues regarding financial products or services are (i) credit invisibility and (ii) mortgage shopping. "Credit invisible" is the term used to describe consumers who do not have a credit record maintained by one of the three consumer reporting agencies, or whose credit record is insufficient or outdated, and "mortgage shopping" is the term used for the process of comparison shopping for a mortgage. The CFPB noted that consumers who are credit invisible can face difficulties accessing credit.
With respect to complaints, the CFPB reported that credit or consumer reporting and debt collection are the "most-complained-about financial products and services, followed by mortgages, credit cards, and checking or savings accounts."
In addition, the agency reported that its Fair Lending Supervision program initiated 13 supervisory events at financial services institutions in order to encourage compliance with federal laws intended to "ensure the fair, equitable, and nondiscriminatory access to credit for both individuals and communities." The CFPB indicated that it did not initiate or complete fair lending public enforcement actions over the course of the last year.
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