Independent Banker - November 2019 - 32

PORTFOLIO
How to handle
consumer complaints
It's important for community banks
to understand and respond to
customer complaints. But what should a complaint
program include, and how might complaint data be an
opportunity to improve your bank's level of service? By
Mary Thorson Wright
Compliance
he ways that community banks process complaints
invites the interest of examiners, and with good reason.
Complaints present a picture of consumer compliance, customer
service and the impact of policies and procedures that
might not be visible otherwise.
One of the primary functions of the Consumer Financial
Protection Bureau (CFPB) is collecting, investigating and
responding to consumer complaints, including referrals to
the prudential federal bank regulator that exercises jurisdiction
over a community bank. Under the Dodd-Frank
32 Q ICBA Independent Banker Q November 2019
T
Wall Street Reform and Consumer Protection Act, the CFPB
Office of Consumer Response handles, analyzes and shares
consumer complaint data to level the playing field and
empower consumers to take more control over their financial
well-being.
In 2018, the CFPB received approximately 329,800 consumer
complaints, and, as of the end of July 2019, it had
already received nearly 158,000 complaints this year. That's
a windfall of information.
As a risk management tool, a solid consumer complaint
process can help financial institutions proactively identify
risks of consumer harm, compliance management program
deficiencies and customer service issues.
What must community banks do to establish an effective
consumer complaint management system, and what might
they gain by doing so?
The interagency Consumer Compliance Examination

Independent Banker - November 2019

Table of Contents for the Digital Edition of Independent Banker - November 2019

Table of Contents
Independent Banker - November 2019 - Intro
Independent Banker - November 2019 - Cover1
Independent Banker - November 2019 - Cover2
Independent Banker - November 2019 - Table of Contents
Independent Banker - November 2019 - 2
Independent Banker - November 2019 - 3
Independent Banker - November 2019 - 4
Independent Banker - November 2019 - 5
Independent Banker - November 2019 - 6
Independent Banker - November 2019 - 7
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Independent Banker - November 2019 - Cover3
Independent Banker - November 2019 - Cover4
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