Nearly two years after the CFPB began collecting consumer complaints related to credit cards, Manhattan’s Upper West Side and two south Florida communities have turned out to be among the top contributors of consumer credit card complaints.
As of March 18, of the top four zip codes contributing to consumer credit card complaints, two are located in south Florida, in Boca Raton and Palm Beach Gardens, and two are located on Manhattan’s Upper West Side. Nearly 60 percent of the complaints came from zip code regions where the median household income is higher than the national median of $52,762, Bloomberg reports.
Companies cited most often in the complaints are some of the largest card issuers in the country, including Capital One, Citigroup, Bank of America, JPMorgan Chase and GE Capital Retail Bank, an arm of General Electric Co.
While the CFPB complaint system was originally designed to collect credit card complaints, the system was expanded to include complaints for bank accounts, student loans, mortgages and auto loans. CFPB Director Richard Cordray said earlier this month the agency has received more than 130,000 total complaints.
“Through our consumer response operation, we have helped return millions of dollars to consumers and have addressed many problems that had been frustrating your constituents for months or even years,” Cordray said during a Senate hearing, according to Bloomberg.
The agency plans to expand the system to collect complaints related to other financial services and products and publish more of the collected data. On the bureau’s website, only the names of credit card companies are given, while other complaint data, including the comment data itself and the names of individuals filing complaints, is not included in the records.
Boca Raton’s 33496 zip code generated 94 complaints, the highest number in the country, while 54 complaints came from Manhattan’s Upper West Side zip codes.
Matt Simester, the managing director at Auriemma Consulting Group, said, however, that just because more complaints are coming from more well-to-do communities, it does not mean the CPFB is helping those groups more but may rather reflect that people with higher incomes are more likely to have credit cards, Bloomberg reports.