Ihrig: Complaints have become a ‘compliance event’

CFPB wants to see how you track and manage complaints.

October 11, 2017 by Ron Jooss, CU Magazine

The advent of the Consumer Financial Protection Bureau (CFPB) has turned the consumer complaint process into a compliance event.

It’s no longer enough to take consumer complaint calls and strive for good service, says Jared Ihrig, CUNA’s chief compliance officer.

“The CFPB wants to see how you’re managing those calls and how you’re tracking them,” he says. “They want spreadsheets and pie charts that show when the calls came in and how long it took to resolve the issue, and if the error was extrapolated across the membership and remediated with all the members who had the same issue.

“They want to know if you changed your policies, procedures, and product offerings so the same complaint does not happen again.”

CFPB is closely scrutinizing regulators to ensure they’re documenting these issues.