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[REPORT] Understanding Consumer Complaint Trends to Avoid Regulatory Actions

Every year, we analyze data from the Consumer Financial Protection Bureau (CFPB)’s Consumer Complaint Database, as well as their enforcement actions, to compile these findings into our comprehensive Complaint Risk Signal Report. The recently released edition of this report dives into several trends regarding consumer complaints, the potential amount of monetary liability based off of various complaint thresholds, what happens to submitted complaints, top issues surrounding each financial product, how quickly companies are responding to complaints, the outcomes of company responses—and so much more.

Our goal is to help financial institutions understand their risk and improve their regulatory compliance efforts, customer experience and overall operational effectiveness. Consumer complaints serve as a valuable tool to help achieve these goals as they are often a key force for guiding regulatory actions as evidenced by these two former high-ranking regulators:

 

“When I was at the CFPB, complaints factored heavily into the enforcement actions that we brought” 
Heard at COMPLY from Chris D’Angelo, former CFPB Associate Director of Supervision and current Chief Deputy Attorney General for Economic Justice at Office of the New York State Attorney General 

 

"In the absence of reporting as to trends in consumer complaints, a business will be unable to calibrate its Compliance Management System to focus on those risks that present the greatest threat to the company’s UDAAP compliance"

From an article by Tony Alexis, former Head of Enforcement at the CFPB and current partner at Goodwin 

Understanding the nature of consumer complaints provides a competitive edge for companies who monitor them by empowering those companies to identify their risk signals and avoid costly penalties and settlements. 

Get your copy of the Complaint Risk Signal Report today to get the valuable insights you need to mitigate your risk and head off potential investigations.

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Tags: Regulatory Compliance, Thought Leadership, Complaint Management, Risk Management, Compliance Monitoring

Understanding and complying with UDAAP policy can be a challenge

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