Reprinted with permission from Law360.
On Nov. 30, 2011, the Consumer Financial Protection Bureau released its interim report on credit card complaints, including some statistics about the complaints and the conclusions it has drawn from the 5,000 credit card complaints it received since July 21.
One of the most striking things about the data is how little it seems to relate to the CFPB’s regulatory and enforcement functions. The bureau notes that it passed along most of the complaints to the card issuers (84 percent), who promptly resolved a high percentage of the complaints (74 percent of the ones forwarded). Largely, customers seemed satisfied with the resolution of their complaints (with only 13 percent of the consumers disputing an issuer’s handling of the complaint). ...