BofA Tops Financial-Complaint List [View all]

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http://online.wsj.com/article/SB10001424127887323361804578388791087793804.html?KEYWORDS=bank+of+america

WASHINGTON—Bank of America Corp. BAC -0.41% accounted for the largest share of consumer complaints lodged with the Consumer Financial Protection Bureau over the past 16 months, highlighting the challenges the nation's second-largest bank faces as it tries to simplify its sprawling operations.

The CFPB's expanded database, unveiled Thursday, shows the majority, or nearly 55%, of the more than 90,000 complaints filed with the agency relate to mortgages, the latest indication of the problems banks face in response to a surge in foreclosures. Credit cards ranked as the second-biggest source of complaints, accounting for almost 22% of the total.

here is the best part:

The banking industry, which has long opposed release of the data, criticized the CFPB's move and said it could unfairly damage an institution's reputation. "A better service to consumers would have allowed for collaboration between the CFPB and financial institutions to determine if a complaint is indeed valid, prior to publication," said Richard Hunt, chief executive of the Consumer Bankers Association.