A Look at the Banks with the Most & Least CFPB Complaints in 2017
- January 3, 2018
- Posted by: Mike Brown
- Category: Banking
Last year, LendEDU dug through the Consumer Financial Protection Bureau's (CFPB) Consumer Complaint Database and was able to rank a combination of 57 regional and diversified banks according to their number of received complaints relative to the amount of deposits held in 2016.
The CFPB has recently risen from anonymity to consistently being on the front page of the news.
Richard Cordray, the CFPB's first Director who developed a strict watch-dog reputation, stepped down in November 2017. Chaos ensued. Cordray appointed his deputy, Leandra English, to assume his position, while President Trump enlisted his director of the Office of Management and Budget, Mick Mulvaney, to take over Cordray's post.
Eventually, Mulvaney won the position, but questions have been circulating about what will happen to the CFPB under new leadership. Some even predict that the young government agency will be abolished entirely.
Others envision less drastic changes, like the removal of the CFPB's Consumer Complaint Database, which collects and displays over 679,000 complaints sent to nearly 3,000 different companies from consumers throughout the U.S.
This database has become an extremely useful tool that can increase the accountability of powerful financial institutions on behalf of the consumer. Diligent Americans who are curious to know about their banks have the ability to sift through thousands of complaints to decide if those financial institution is the best place for them.
That aforementioned ability is something that no consumer has the bandwidth to do on their own, but thanks to the CFPB's complaint database, it has become possible.
This year, potentially the last year before the CFPB's Consumer Complaint Database is taken down, LendEDU has compiled the same aforementioned rankings, but for 2017, to help educate consumers on their finances.
Which banks received the least complaints relative to deposits in 2017? The most? Which exemplary financial institutions received zero complaints? Find this out and more below.
Data & Rankings
Banks With the Most CFPB Complaints Per Billions of Dollars in Deposits (Table 1)
The following banks received at least one CFPB complaint in 2017. The banks are ranked by the number of CFPB complaints per billions of dollars in deposits. Complaints about all types of products were included in this table.
Banks With the Most Banking-Related CFPB Complaints Per Billions of Dollars in Deposits (Table 2)
We also were curious as to how the banks would rank when only looking at banking products, as opposed to all products. The following companies received at least one CFPB complaint related to banking products in 2017. The banks are ranked by the number of CFPB complaints related to banking per billions of dollars in deposits.
Banks With No CFPB Complaints (Table 3)
The following companies received zero CFPB complaints about any product in 2017. We worked to check each subsidiary and holding company against the CFPB database, but we were unable to confirm a single complaint by a consumer for all of the following organizations.
All complaint data was pulled from the Consumer Financial Protection Bureau’s Consumer Complaint Database. These complaints were pulled on December 13, 2017.
Two different segments of data were pulled from the complaint database. Each pertains to one of the two different tables seen earlier. Table 1 and Table 3 included complaints regarding all financial products in the CFPB database - which can be seen below - and Table 2 included only complaints regarding the bank accounts/services and checking/savings accounts products.
Overall, we analyzed exactly 223,992 consumer complaints for Tables 1 & 3, and 18,230 complaints for Table 2. All complaints in this study were received by the CFPB between the dates of January 1, 2017 and December 10, 2017.
The most recent deposits data was pulled initially from Marketwatch’s Financial Data which was cross referenced and double checked with Yahoo’s Financial Data. The most recent quarterly deposit data was reported on September 30, 2017.
62 financial institutions were included in this report. These banks were all either regional and diversified banks according to the S&P Banks Select Industry Index. Each bank name was cross referenced with the CFPB database.
Some of the financial institutions are holding companies. Our team worked to identify the individual subsidiary banks owned by each holding company. In our research, we cross referenced the names of the holding companies, as well as each individual subsidiary, against the CFPB database.
For reference, the CFPB broke down financial products in the following categories: bank account/service, checking/savings account, consumer loan, credit card, credit/prepaid card, credit reporting, credit reporting/repair services or other personal consumer reports, debt collection, money transfer/virtual currency/money service, money transfers, mortgage, other financial service, payday loan, payday loan/title loan/personal loan, prepaid card, student loan, vehicle loan/lease, virtual currency.
*Fulton Financial Corporation includes the following banks: Fulton Bank, N.A., Fulton Bank of New Jersey, Lafayette Ambassador Bank, FNB Bank, N.A., The Columbia Bank, and Swineford National Bank.
**Glacier Bancorp Inc. includes the banks that can be found on this page: http://www.snl.com/IRWebLinkX/GenPage.aspx?IID=1023792&gkp=10664
***Wintrust Financial Corporation includes the banks that can be found on this page: http://ir.wintrust.com/