Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
CFPB report on consumer complaint submissions
The CFPB on Thursday announced its release of its first in-depth report analyzing complaint submission patterns by U.S. Census tract. Titled "Consumer complaints throughout the credit life cycle, by demographic characteristics,” the report finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lower income communities were more frequently about credit reporting, identity theft, and delinquent servicing.
The findings are based on the nearly 1 million consumer complaints submitted to the CFPB between 2018 and 2020. The report classifies complaints by matching the relevant consumers to census tract-level U.S. Census demographic data. Yesterday’s report highlights the value of consumer complaint data for understanding the varied experiences of consumers using consumer financial products and services.
The report finds that consumers from lower income and predominantly Black and Hispanic communities submitted credit reporting and delinquent servicing complaints at a higher rate per resident than consumers from higher-income and predominantly white, non-Hispanic communities, who were more likely to submit complaints related to loan origination and performing servicing. Asian American and Pacific Islander communities had higher rates of submitting credit reporting complaints than predominantly white, non-Hispanic communities; however, they also had a lower share of delinquent servicing complaints.