Myth number 2:
Small lenders and mortgage brokers take advantage of borrowers the most.
In reality, major banks including JPMorgan Chase & Co (JPM), Bank of America Corp (BAC) and Citigroup Inc (C) were the subjects of the largest number of complaints to the U.S. Consumer Financial Protection Bureau (CFPB) in 2011, according to data obtained through a public records request.
Complaints filed since June 1, 2012, will be made available to the public on the Bureau’s website today, the consumer bureau said in an e-mailed statement. Complaints from before then will be included later this year.
“We intend to make this data widely available to consumers, advocacy groups, businesses, policy makers, and journalists,” Richard Cordray, the bureau’s director, said in a telephone news conference. “Anyone with access to the web will be able to review and analyze the information, and draw their own conclusions.”
It can and should be said that the larger number of complaints can be attributed to the large base of customers that these major banks currently enjoy. Then again, because they have so many customers maybe they feel they can treat them any way they wish.