Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, October 26, 2016

Cordray Urges Banks to Review Complaints in CFPB Database

CFPB Director Richard Cordray said he “urged” all bankers to review and analyze complaints in the CFPB’s public database – not only “the feedback you receive directly from your own customers, but also…complaints made about others in the same markets.” He said that he considered these reviews “an important part of sound compliance management.”

In his remarks to an industry conference in Boston, Cordray acknowledged that banks have their own mechanisms to address complaints from customers, but added that “there is much to be learned from the complaints consumers raise about your industry, even if the complaints are not directed to you specifically.”

A periodic summary of complaints also released by the bureau showed that debt collection, credit reporting and mortgages continued to dominate the complaints, together accounting for 63% of complaints received in October and 68% of the 1 million complaints received to date.

Read the speech.
Read the report.

No comments:

Post a Comment

Please read our comment policy before making a comment.