Join us for the Academic Research Council’s annual meeting on Thursday, May 7 from 9:00 a.m. to 12:00 p.m. EDT. During this meeting, we’ll discuss trends in consumer finance research, the activities of consumer financial protection agencies in other countries, and recent publications produced by CFPB’s Office of Research. Director Cordray will also provide remarks.
For more information, you can check out the meeting agenda and event flyer.
The meeting will be held at:
United States Bureau of Engraving and Printing
300 14th Street S.W.
Washington, D.C. 20228
Please plan on arriving at least half an hour before the meeting begins to allow enough time to go through security. Enter the Bureau of Engraving and Printing through the entrance on the west side.
This event requires an RSVP. Send us an email to RSVP – your information will be provided to Bureau of Engraving and Printing security. Please RSVP by noon on Monday, May 4. A recording of the meeting will be available at a later date.
See you there!
Continue Reading
Today, we’re releasing our third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints we’ve received from members of the military community since July 2011.
Here are just a few highlights:
- Debt collection complaints have continued to rise since our last report, and now make up 39 percent of total complaints. It is our largest category of complaints from the military community.
- Credit reporting remains a top category of concern. 72 percent of these complaints are about incorrect information on credit reports. This remains a significant issue for the military community, one that we highlighted earlier this year.
- Student loans are another concern. 49 percent of these complaints are about problems dealing with a lender or servicer. In these complaints, we continue to see long-standing trends, such as servicemembers complaining about not being provided their Servicemembers Civil Relief Act rights.
This year our report also highlights our outreach efforts that allowed us to connect with thousands of members of the military community, as well as three of our enforcement actions that recovered millions of dollars for affected consumers, primarily servicemembers, veterans, and their families. These figures represent the positive impact of the work we continue to do on behalf of those who serve.
Problems with account services
Basic account servicing stands out as a significant area of concern for servicemembers. Most consumers can call their financial institution, visit a branch, or connect online to try and get the help they need to maintain their account. Unfortunately, for military personnel and their families, the realities of military life, including deployments, frequent moves, and a high operational tempo, can sometimes make access to those services extremely challenging.
We found that servicemembers were often subject to a variety of account maintenance or penalty fees, as well as account-access restrictions, which were triggered due to aspects of their military service.
These problems raise concerns that financial institutions may not have a true understanding of the servicing needs of their military customers and may lack proper procedures and protections for them. Detailed examples of servicemember experiences can be found in Section II of the report.
Check out the snapshot to learn more.
We’re listening
As always, if you have a problem with a consumer financial product that you can’t resolve on your own; or if you know someone in that situation, please remember that you can submit a complaint online or by calling (855) 411-2372. We make your voice heard.
