Richard Cordray, the director of the Consumer Financial Protection Bureau, told the Senate Banking Committee on Thursday that the agency has received fewer credit card complaints than anticipated since its operational beginning in 2011.
Cordray presented the CFPB’s semi-annual report, which covers the agency’s activities from Jan. 1 through June 30.
The bureau launched a consumer complaint system in July 2011, after which time it began taking credit card complaints. The system was expanded to include mortgages, bank accounts, private student loans and consumer loans.
Cordray attributed the lower-than-expected number of complaints to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, which prohibited a number of practices deemed abusive by Congress, as well as efforts by the industry to improve customer service.
As of September 3, the agency received more than 72,000 complains about various consumer financial products and services, and Cordray said the pace of complaints has increased over the past year.
“Our first year has been busy and full, and this report reflects considerable hard work done by people whom I greatly admire and respect,” Cordray said. “They are of the highest caliber, and they are deeply dedicated to public service. We look forward to continuing to fulfill Congress’s vision of an agency that helps all American by improving the ways and means of their financial lives.”