[UPDATE: the company mentioned in this article, LendEDU stands accused of fabricating the existence of its primary spokesperson. Said spokesperson was never quoted in any HousingWire coverage and the company stands by its data. Please read more here.]
The Consumer Financial Protection Bureau went through several changes during 2017, and some have even begun to question its future.
Most notably, Mick Mulvaney, who also serves as director of the Office of Management and Budget, was chosen to serve as acting director of the CFPB when the agency’s previous director, Richard Cordray, stepped down. Mulvaney has long been outspoken about his dislike for the CFPB.
And one of Mulvaney’s first actions after he took over as acting director of the Consumer Financial Protection Bureau was to institute a hiring freeze, stipulating that the bureau could not hire any new employees for at least 30 days.
Later, two prominent Republicans introduced a bill in both the Senate and the House of Representatives that would “rein in” the CFPB’s pay structure.
But even as the CFPB works through these new changes, consumers continued to bring their complaints as the CFPB worked to resolve them.
LendEDU, an online marketplace for student loan refinancing, put together a list of banks that received the most consumer complaints in 2017, as measured by the number of complaints per billions of dollars in deposits.
Here are the top 10 banks with the highest level of complaints:
10. Bank of America – with 6.28 complaints per billion in deposits. The bank improved five spots in its rank from last year, receiving a total of 8,069 complaints with $1.28 trillion in deposits.
9. KeyCorp – with 6.48 complaints per billion in deposits. The bank fell nine spots in its rank from last year and received a total of 670 complaints with $103.45 billion in deposits.
8. Wells Fargo – with 6.48 complaints per billion in deposits. The bank improved five spots in its rank from last year, receiving a total of 8,465 complaints with $1.31 trillion in deposits.
7. Comerica – with 6.57 complaints per billion in deposits. The bank fell six spots in its rank from last year, receiving a total of 380 complaints with $57.82 billion in deposits.
6. U.S. Bancorp – with 6.82 complaints per billion in deposits. The bank remained its same rank as last year, receiving a total of 2,338 complaints with $342.59 billion in deposits.
5. Citigroup – with 6.85 complaints per billion in deposits. The bank improved three spots in its rank from last year, receiving a total of 6,600 complaints with $964.03 billion in deposits.
4. Fifth Third Bancorp – with 6.88 complaints per billion in deposits. The bank fell three spots in its rank from last year, receiving a total of 698 complaints with $101.45 billion in deposits.
3. Citizens Financial Group – with 6.91 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 782 complaints with $113.24 billion in deposits.
2. SunTrust Banks – with 7.12 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 1,159 complaints with $162.74 billion in deposits.
1. TCF Financial Corp. – which remained the bank with the most complaints per billion in deposits, far outpacing all other banks with its 13.59 complaints. The bank received a total of 246 complaints for its $18.11 billion in deposits.
