In the January/February 2021 issue of ABA Bank Compliance, Liza Warner provides insight into how a bank can use the results of the March 2020 Consumer Financial Protection Bureau (CFPB) Consumer Response Annual Report as a reference point to analyze its own complaints. In 2019, the period covered by this report, there were over 350,000 complaints received. By comparing the CFPB complaint data with its own data, the bank can start to identify patterns, trends, and findings that warrant reporting to key stakeholders including business line management, risk management, compliance, senior management, and the Board of Directors. Gain insight into the top five complaint areas in this informative article.
