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New CFPB Consumer Complaint Database explained in Risk Watch

FREDERICK, MD (May 15, 2015) — The CFPB is overhauling its Consumer Complaint Database to give consumers the opportunity to vent frustrations through written narrative. This decision changes the game for financial institutions. AffirmX Vice President Jane Pannier addresses lenders’ concerns and outlines how this new complaint system will work in this week’s new Risk Watch. The video can be found here.

“Lenders are worried that erroneous or fraudulent narratives could easily slip through the new system,” Pannier said. “In response to this concern, the CFPB has designed several safeguards that it hopes would heighten the credibility and benefit of the new complaint database. How it would work in practice remains to be seen.”

AffirmX created the Risk Watch channel to help financial institutions easily understand  and digest the latest developments in compliance regulation.

“The Risk Watch video series is just one of the ways our team of experts is helping financial institutions proactively address compliance challenges,” said Ken Wolff, CEO of AffirmX, which sponsors the series. ”We encourage credit unions of all sizes to take advantage of these educational resources and contact us to learn more about our solutions.”

AffirmX provides automated risk intelligence solutions that help financial services institutions reduce risk management workloads, anxieties and costs. The AffirmX Risk Intel Center delivers accurate risk intelligence based on expert review of internal and external data sources through a query-based workflow engine. AffirmX enables clients to spend less time searching for issues and more time proactively remediating and mitigating risks so that they can focus on their core business.

Subscribe to www.riskinbox.com for email updates on what’s hot right now in compliance and risk for credit unions. For more information on AffirmX’s unique compliance solutions and consulting services, visit affirmx.com or advisx.com.

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