CFPB Credit Card Complaint Database Analyzed

Recent Bloomberg story on the CFPB’s database for credit card complaints:

When U.S. officials began collecting consumer complaints about credit cards, one goal was to identify patterns that could help them write rules protecting families with low and moderate incomes.

Nearly two years later, it’s the well-to-do neighborhoods of Florida and New York that are supplying the most grievances to the Consumer Financial Protection Bureau, an analysis of agency data shows.

Of the top four zip codes contributing to the 18,539 complaints published as of March 18, two are on Manhattan’s Upper West Side and two in south Florida — Boca Raton and Palm Beach Gardens. Almost 60 percent of complaints originated in zip codes where the median household income is higher than the national median of $52,762, according to the analysis….

Zip codes with median annual household incomes higher than the national median generated 11,045 complaints, or 59.6 percent of the total, the data show. Boca Raton zip code 33496 produced 94 complaints, the most in the country, while 54 complaints came from Manhattan’s Upper West Side zip codes 10023 and 10024 combined.