After not being able to find the CFPB monthly complaint report on payday loans last week, I found it Wednesday which was a bit later than normal.  The delay might have been because it is a different kind of report, it is focused on “older” complainants who were 62+ years of age.

This new format report focused on just one month, and discloses that payday loan industry had (23) complaints versus (27) in the prior month.  That is a 28% decrease and is very much in line with all of the other reports that have been released I believe this is #23.

There have been 1,610 CFPB complaints submitted on the payday loan industry since complaints started being taken in November 2013, and (60) “older complaints” have been submitted since November 2013.

Overall, 1,163,000+ total complaints have been submitted so far to the CFPB covering all industries not just ours.  1,610 o, so PDL has a .001387931 complaint ratio!

Here is a link to the CFPB’s published report:

https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/201705_cfpb_Monthly_Complaint_Report.pdf

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.