Start Date: 6/29/2023 9:00 AM MDT
End Date: 6/29/2023 10:30 AM MDT
How often is a lender liability lawsuit or regulatory entanglement preceded by a consumer complaint? You may be surprised! It’s critical to understand the increasing importance of integrating a complaint management process into your compliance program. Analyzing and responding to complaints is an essential element of every compliance management system. The CFPB and other regulators have made it clear they will be taking a much more aggressive position on consumer complaints which involve a potential violation of law or regulation. Add to that the growing CFPB complaint database and there may be the beginning of a real compliance issue.
Gone are the days when the complaint was simply forwarded to the appropriate personnel and the matter was closed as long as the institution responded in a timely manner. Institutions can now expect a much more in-depth and independent investigation of the circumstances leading to the complaint. Many times, little provocation is needed to trigger lawsuits against unsuspecting institutions and increasing regulatory attention on your complaint resolution area may be more than enough to stir up trouble. Is your institution ready for the challenge?