Complaints about mortgages and credit cards top those related to the coronavirus crisis that have been received by the federal consumer financial protection agency during the pandemic, the agency said Friday, with total complaints reaching record levels.
The Consumer Financial Protection Bureau (CFPB) said the complaints about mortgages and credit cards were the leaders for complaints that mention coronavirus terms, at 22% and 19% of complaints, respectively.
Among mortgage complaints that mention coronavirus keywords, 59% of consumers identified their struggle to pay their mortgage as their issue. For credit card complaints, 19% of consumers identified a problem with purchase shown or statement as the issue.
As noted by CFPB Director Kathleen Kraninger in a speech last week, the agency fielded its highest volume of complaints ever during March and April, at 36,700 and 42,500, respectively. During 2019, the monthly average for complaints was 29,000, the agency said.
Among the details of complaints containing “coronavirus-related keywords” reported by the agency are:
- Servicemembers submitted approximately 600 complaints mentioning the keywords in March and April 2020. The agency noted that 8% of complaints submitted by servicemembers were COVID-related compared to 5% of non-servicemembers.
- Older Americans (defined as 62 and older) submitted approximately 300 complaints mentioning the keywords. The agency said 9% of complaints submitted by older consumers were COVID-related compared to 6% of non-older consumers.
- Prepaid card complaints saw the greatest percent increase at 77%, and student loan complaints saw the greatest percent decrease at 21%, in a comparison of weekly average complaint volume before and after the coronavirus emergency declaration.