Federal Reserve Banks Offer Webinar on Consumer Complaint Practices
Representatives from the Federal Reserve Banks of Kansas City and San Francisco discussed aspects of consumer complaint practices for banks on August 29. The webinar addressed how regulators use consumer complaints to gauge the adequacy of banks’ compliance risk management programs and to indicate potential areas for future regulatory attention. The speakers discussed how certain topics of consumer complaints carry additional pertinence than others, focusing on UDAP, allegations of lending discrimination, violations of federal consumer protection laws, bank errors, and Community Reinvestment Act complaints.
While the presentation was aimed at banks under Federal Reserve supervision, aspects of bank supervision are driven by the federal Uniform Interagency Consumer Compliance Rating System, in which the Bureau of Consumer Financial Protection is a partner. Interagency guidance relating to complaint management responsiveness, thorough complaint investigation, and effective issue resolution remains useful to all consumer finance companies seeking to create a consumer complaint process that helps identify and resolve problem areas early.
August 29th, 2018 by Dan Bucherer