(ON DEMAND) Understanding & Managing the CFPB Complaint Process

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The CFPB has been inviting consumers to “tell their story” and file a complaint since July 2011. When the CFPB launched their monthly report of consumer complaints in July 2015, Director Cordray said, “Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action.”

While the CFPB may not be the primary regulator for your bank, it’s critical to understand how the CFPB complaint process has changed regulatory expectations and what you should be doing to proactively manage this compliance and reputational risk.

HIGHLIGHTS
How the CFPB uses complaint information to guide investigations, develop enforcement actions, and require consumer reimbursement
Regulatory expectations for complaints:
Accepting complaints – what is a complaint, how are they recorded, and how are they resolved?
Reasonable timeframe to respond to a complaint
Complaints that require escalation and immediate attention
Complaints which indicate potential UDAAP issues or consumer harm
Types of complaints that should result in changes to products, services, or practices
Steps to take when the complaint involves a third-party vendor
What do recent enforcement actions tell the financial service industry about the importance of complaints?
Is the use of social media changing the complaint process?
What does staff need to know about handling complaints? How should complaints be tracked and evaluated? What type of training should be completed for handling complaints?

TAKE-AWAY TOOLKIT
Complaint policy, procedures, and tracking form in Word that can be modified for your institution
UDAAP compliance resources and regulatory guidance, including FDIC abusive practices –third-party procedures checklist
UDAAP risk assessment checklist
Checklist for evaluating consumer harm
Regulatory resources
Employee training log
Quiz you can administer to measure staff learning and a separate answer key

Attendance verification for CE credits provided upon request.

 
WHO SHOULD ATTEND? Senior management, compliance officers, risk managers, branch managers, call center managers, loan and deposit operation managers, marketing staff, and product development specialists.

ABOUT THE PRESENTER – Susan Costonis, CRCM, Compliance Consulting and Training for FIs, a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.