Payday Loans Comprise Less than 1% of CFPB Complaints

“Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action,” CFPB Director Richard Cordray said in a press release announcing the new public database.

Sounds like Richard Cordray is speaking out of both sides of his mouth.  The facts do not substantiate his blitzkrieg on payday loans.  They comprise less than 1% of the complaints at the CFPB.   So why all the new rules?  It’s personal.  You can read the full article at titled “CFPB’s Inconvenient Truth Revealed By Complaints Database

  1. mortgage (36 percent)
  2. debt collection (17 percent)
  3. credit reporting (15 percent) and other categories
  4. payday loans (less than 1%)

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