The Company with Most CFPB Complaints: Wells Fargo
The Consumer Financial Protection Bureau just released its Monthly Complaints Report for February 2017, and Wells Fargo is at the top of the list. The CFPB received an average of 1,345 complaints per month about Wells Fargo between September and November 2016, more than any of the three credit bureaus, which normally claim the top spot.
The bureau received a total of 29,700 complaints in January 2017, with debt collection, student loans, and credit reporting receiving the highest volume of complaints.
Wells Fargo has been progressing up the complaint list ever since employees from the company were discovered creating fake checking and credit card accounts without their customers’ knowledge. In December’s report, Wells Fargo was fourth on the list of companies receiving the most complaints. In January’s report, it was second on the list. Due to the 60-day delay in complaint reporting, it is possible that Wells Fargo will remain the most complained-about-company for the next few months.
Student loans experienced the biggest change in complaint volumes compared to the previous year, increasing from 497 complaints to 2,425 complaints (November-January). The total volume change was 388%, but much of that could be attributed to the way the CFPB now handles student loan complaints. The bureau updated its claims form in February 2016 to allow consumers to submit issues about Federal student loan service providers.