The Consumer Financial Protection Bureau (CFPB) is making consumer complaints a major aspect of the regulatory environment. The Dodd-Frank Act requires the CFPB to collect, investigate, and respond to consumer complaints as part of its work in protecting consumers. Over the past year, CFPB’s Consumer Response Team has begun taking complaints on credit cards, mortgages, private student loans, other consumer loans, and other financial products and services. In addition to the compliant system on their website, consumer complaint response is now a major component in the analysis of a financial institution’s compliance management system in CFPB’s examination procedures.
An effective compliance management system should ensure that a financial institution is responsive and responsible in handling consumer complaints and inquiries. Intelligence gathered from consumer contacts should be organized, retained, and used as part of your compliance management system. Compliance with consumer laws and regulations should also be an integral part of your business strategy. Violations and noncompliance can significantly impair your reputation, value, earning ability, and business opportunity. Therefore, investigation of complaints and fair, equitable responses to consumer problems is critical. Complaints can be used to identify compliance, system, or service weaknesses.
What You Will Learn:
- Trends to be alert for Building a complaint management system
- Monitoring and reporting
- Oral versus written complaints
Who Should Attend:
This informative session is designed for frontline and compliance personnel. Attendance verification for CE credits provided upon request.
About the Presenter: Michelle R. Graber, CRCM, Young & Associates, Inc.
Michelle Graber has over 25 years’ community financial institution experience. As a compliance consultant, she specializes in all areas of regulatory compliance, conducts compliance reviews, facilitates compliance seminars and workshops, and responds to client inquiries. During her career, Michelle spent 13 years as a compliance officer and CRA officer for a small community bank. She was a lender for consumer, commercial, and mortgage loans, and served as branch manager for numerous locations, including branch administration and development. Michelle holds a Bachelor’s in Public Relations from the University of Toledo and is a Certified Regulatory Compliance Manager.
|Over $75 million
|$7 - 75 million
|Under $7 million