Rippleshot Blog

The future of the Consumer Financial Protection Bureau (CFPB) has been under the spotlight lately as Congress and lawmakers put plans in place to potentially close the consumer watchdog agency.

Let’s back up... while we're sure most banks and credit unions are familiar with the Consumer Financial Protection Bureau (CFPB), many others aren't - and they're not alone. In a survey by CreditCards.com, 81% of consumers polled did not know what it is,  which is a problem considering that the CFPB’s sole purpose is to protect consumers.

It’s safe to say that 2016 has been a year of heightened turmoil for the payments and security industry. With the aftermath of EMV implementation, a sharp rise in data breaches, and unprecedented fraud losses by issuers, we know that this year has kept you busy. The good news is, we’re here to help. In order to save you time, we have compiled a list of key statistics that paint the bigger picture of the industry as a whole. Follow the Rippleshot Team as we take you through the Top 11 Stats of 2016.

A hidden gem, the Monthly Complaint Report by the Consumer Financial Protection Bureau (CFPB) helps uncover problem areas impacting the financial products and services industry in the eyes of the consumer. Whether it be consumer loans, bank accounts/ services, payment cards, debt collection, payday loans, or fraud, the CFPB has handled over 930,700 consumer complaints as of July 2016, including 24,500 in June itself. Through a careful compilation and analysis of such consumer complaints, the CFPB has been able to discern a “high-level snapshot of trends in consumer complaints”. Follow the Rippleshot Team as we review highlights from the report and discuss customer sentiments surrounding financial products and services.