To paraphrase a poem by the great Dr. Seuss, Oh, the places they’ve been. Oh, the places they’ll go! Consumer complaint management has been top of mind for the Consumer Financial Protection Bureau since the agency opened its doors in July 2011. Under the Dodd-Frank Act, matters related to the collection, investigation and response to consumer complaints are designated as a core function for the CFPB. Consistent with this mission, the CFPB has prioritized consumer complaint management in its work and has identified it as one of the four pillars of an effective compliance management program.
The bureau is using consumer complaints to drive its priorities, to inform rulemaking, to guide supervisory work, and to identify leads for enforcement matters. Complaints have been a core driver for a variety of recent CFPB actions, from templates developed for use by consumers in interacting with student loan servicers, to horizontal reviews of mortgage loan originators being carried out by supervision, to prominent enforcement actions involving credit card issuers.
Originally Published on Law360, New York - May 21, 2014.
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