Abstract

http://ssrn.com/abstract=2295157
 


 



Skeletons in the Database: An Early Analysis of the CFPB's Consumer Complaints


Ian Ayres


Yale University - Yale Law School; Yale University - Yale School of Management

Jeff Lingwall


Carnegie Mellon University; Yale University - Law School

Sonia Steinway


Yale Law School

July 17, 2013

Yale Law & Economics Research Paper No. 475

Abstract:     
Analyzing a new data set of 110,000 consumer complaints lodged with the Consumer Financial Protection Bureau, we find that (i) Bank of America, Citibank, and PNC Bank were significantly less timely in responding to consumer complaints than the average financial institution; (ii) consumers of some of the largest financial services providers, including Wells Fargo, Amex, and Bank of America, were significantly more likely than average to dispute the company‘s response to their initial complaints; and (iii) among companies that provide mortgages, OneWest Bank, HSBC, Nationstar Mortgage, and Bank of America all received more mortgage complaints relative to mortgages sold than other banks. In addition, regression analysis suggests that consumer financial companies respond differently to complaints about different products and based on different issues, generating significant differences in timeliness of response, as well as significant differences in whether consumers dispute that response. Moreover, demographics matter: there were significant increases in mortgage complaints per mortgage in ZIP codes with larger proportions of certain populations, including Blacks and Hispanics, as well as an increase in untimeliness and company responses disputed for groups on which the CFPB is mandated to focus, including senior citizens and college students.

Number of Pages in PDF File: 42

Keywords: Consumer Financial Protection Bureau (CFPB), consumer complaints, financial service providers

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Date posted: July 18, 2013 ; Last revised: August 9, 2013

Suggested Citation

Ayres, Ian and Lingwall, Jeff and Steinway, Sonia, Skeletons in the Database: An Early Analysis of the CFPB's Consumer Complaints (July 17, 2013). Yale Law & Economics Research Paper No. 475. Available at SSRN: http://ssrn.com/abstract=2295157 or http://dx.doi.org/10.2139/ssrn.2295157

Contact Information

Ian Ayres (Contact Author)
Yale University - Yale Law School ( email )
P.O. Box 208215
New Haven, CT 06520-8215
United States
203-432-7101 (Phone)
203-432-2592 (Fax)
Yale University - Yale School of Management
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
Jeff Lingwall
Carnegie Mellon University ( email )
Pittsburgh, PA 15213-3890
United States
Yale University - Law School
P.O. Box 208215
New Haven, CT 06520-8215
United States
Sonia Steinway
Yale Law School ( email )
P.O. Box 208215
New Haven, CT 06520-8215
United States
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