Salient to Investors:
The top 4 zip codes complaining to the Consumer Financial Protection Bureau are two in Manhattan’s Upper West Side, Boca Raton and Palm Beach Gardens. 59.6 percent of complaints originated in zip codes where the median household income is higher than the national median of $52,762. Steven Ramirez at Beyond the Arc said prosperous people can often get upset over small amounts of money like a $3 fee.
Matt Simester at Auriemma Consulting said that the findings may reflect that people with higher incomes are more likely to hold credit cards and that many consumers are not yet aware they can file complaints through the agency. Simester said complaints coming through a regulator get “a red flag” for quick resolution.
The credit card firms cited most often in the disputes are Capital One Financial, Citigroup, Bank of America, JPMorgan Chase and GE Capital Retail Bank.
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