For all the Consumer Financial Protection Bureau’s (CFPB) villainization of the short-term lending industry, you’d think their complaint database would be chock full of angry consumers. It’s not. Commentator Dan Horowitz calls it the CFPB’s “inconvenient truth”:
“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.
The only problem? The database shows complaints about “payday lenders,” which are currently in Cordray’s cross hairs, composed less than one percent of all complaints, far outnumbered by mortgage (36 percent), debt collection (17 percent), credit reporting (15 percent) and other categories. Payday lending complaints were one of every 152 complaints the bureau received, 55 times less frequent than mortgage complaints.
Read more at TownHall.com.