Consumer Complaint Management: Meeting Regulatory Expectations
The Review of Banking & Financial ServicesJonice Gray Tucker
The CFPB has identified consumer complaint data as a valuable tool in informing its consumer protection duties. It is taking steps to collect such data from various sources and has identified effective complaint management as a key component of a sound compliance program. This focus on consumer complaint management is shared by other government regulators who have, among other things, emphasized practices related to resolution of consumer concerns in several major consent decrees reached with mortgage servicers during the last 18 months.
Copyright the Review of Banking and Financial Services 2012. Reprinted with permission.