CFPB records fewer complaints in early days of US government shutdown
Tuesday, October 8, 2013
Unlike some parts of the US , the Consumer Financial Protection Bureau (CFPB) has been open during the federal government shutdown and recording a record-low number of complaints submitted by consumers against companies, companies, providers, , money transfer providers, companies who provide , and other companies providing consumer loans.
With data not available for yesterday, the first four days of the shutdown had daily totals of 37, 16, 13, and 3 complaints. With the exceptions of September 29 with 15 complaints and September 28 with 23, it is the lowest daily total since March 16 of this year when 36 total complaints were recorded and February 23 of this year with 14. The total complaints are also down from the same dates last year, when the total complaints per day for the first four days of October 2012 were 272, 298, 288, and 225.
Of the 69 filed complaints recorded so far this month, 27 were complaints about mortgage companies, 21 were about bank accounts and 10 were about credit card companies. 40% of credit card companies complaints, 42.9% of bank account complaints and 48.1% of mortgage complaints are currently listed as still in progress. Most of the rest have been closed with an explanation.
leads all companies in terms of total complaints filed this month with 9. Bayview Loan Servicing, LLC and have 7 complaints each. , , and have 4 each. and have 3 each. , Nationstar Mortgage, , , and have 2 complaints each. 18 financial services companies have 1 complaint each filed against them.
During the government shutdown, some CFPB staff have voiced their opinions on. Dan Munz, deputy assistant director for consumer engagement at the CFPB, tweeted, "Boy, shutdown week has really created a sudden bumper crop of amateur federal management experts."; "Also, seems like is singlehandedly undoing whatever progress he'd made in portraying this as a Dem [ ] shutdown."; and "Basically, there's now a strong incentive to fill legislation with minor symbolic things you can bargain away later to protect the core."
The agency has been able to stay open during the government shutdown because it is funded by the. According to Amanda Terkel at the , members of the have put closing the CFPB on their wish list of items in negotiating for a new debt ceiling limit. Party members have previously stalled the appointment of as the CFPB boss as a way of hindering it from engaging in oversight of financial organizations in the the US.
- "Consumer Complaint Database" — , October 8, 2013 (date of access)
- "Consumer Complaints" — , October 8, 2013 (date of access)
- Dan Munz. "Dan Munz" — , October 8, 2013 (date of access)
- Reid Davenport. "Feds' personal tweets give insight to #ShutdownLife" — , October 7, 2013
- Brendan Bordelon. "Even with government shut down, Dodd-Frank bureau is open" — , October 7, 2013
- Amanda Terkel. "GOP's Least Favorite Projects Will Keep Running During Government Shutdown" — , September 28, 2013