WASHINGTON, D.C. — Officials from the Consumer Financial
Protection Bureau acknowledged the pace of consumer complaints they've received
has been increasing throughout the year. However, the majority of those
consumer issues do not appear to be associated with auto loans.

CFPB director Richard Cordray told the U.S. Senate Committee
on Banking, Housing, and Urban Affairs this week that as of Sept. 3, the bureau received
72,297 consumer complaints about credit cards, mortgages and other financial
products and services, which include vehicle contracts.

The CFPB's breakdown showed that only 2 percent of that
figure fell into the category that includes vehicles loans. Meanwhile, 43
percent of the complaints are connected to mortgages and another 34 percent are
tied to credit cards, according to the CFPB's semiannual report made available
during Cordray's Senate testimony.

"We also think it is important to engage directly with
consumers so we know more about the struggles and frustrations they encounter
in their daily lives," Cordray insisted, mentioning how the bureau has
conducted field hearings and leveraged a website feature called "Tell Your
Story," which he said "encourages consumers to share with us their personal
stories to help inform our approach in addressing issues in the financial
marketplace."

Cordray told committee members all of the CFPB's processes —
rulemaking, supervision, enforcement and consumer engagement — provide the
agency with valuable information about consumer financial markets. 

"The new Consumer Bureau has worked on all of these projects
while being fully engaged in start-up activities to build a strong foundation
for the future," Cordray emphasized. "The bureau has worked to create an
infrastructure that promotes transparency, accountability, fairness, and
service to the public.

"Our first year has been busy and full, and this report
reflects considerable hard work done by people whom I greatly admire and respect,"
he went on to say. "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 Americans by improving the ways
and means of their financial lives."