Bloomberg Law
April 9, 2021, 11:46 AM

Financial Watchdog Hit With Deluge of Covid-Related Complaints

Evan Weinberger
Evan Weinberger
Aaron Kessler
Aaron Kessler
Investigative Data Journalist

The Consumer Financial Protection Bureau saw a 60% spike in consumer complaints in 2020, a development expected to lead to an increase in enforcement activity under the Biden administration, which has promised to be tougher on financial institutions.

Consumers filed nearly 445,000 complaints with the bureau in 2020—the greatest one-year total on record—compared with 277,366 in 2019, according to a Bloomberg Law data analysis. Many of those complaints were driven by new requirements placed on institutions like mortgage servicers, consumer credit bureaus, and student loan servicers to help customers survive Covid-19 pandemic-induced financial shortfalls.

Banks, debt collectors, credit bureaus, and ...

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