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Consumer Complaint Policies and the CFPB

Joy Gilpin
Dec 03, 2013

The Dodd-Frank Act provides authority to the Consumer Financial Protection Bureau (CFPB) to prevent financial harm to consumers. One of the CFPB strategies to accomplish this goal is to handle complaints and inquiries regarding challenges consumers face in the financial marketplace, including mortgage products and services. The CFPB monitors and shares the complaint data it collects with other regulators for investigation and enforcement of consumer protection laws. In today’s lending environment, a consumer complaint policy is integral to establishing a compliance management system called for by the CFPB. Do you have a source to guide development of your company’s consumer complaint process? AllRegs can help. The AllRegs Consumer Complaint Policy Manual is designed to aid mortgage brokers, lenders and originators in the development of a consumer complaint process. This document reviews the need for a consumer complaint policy and the risks of noncompliance; identifies existing complaint portals managed by industry regulators; outlines the framework of a consumer complaint process; and provides training protocols and best practices to effect process implementation. Several federal offices require implementation or access to this manual, including: ►CFPB—Consumer Financial Protection Bureau ►FNMA—Fannie Mae ►FHLMC—Freddie Mac ►FTC—Federal Trade Commission ►OCC—Office of the Comptroller of the Currency ►HUD—U.S. Department of Housing & Urban Development The Consumer Complaint Policy Manual features the following: ►Identifies federal regulations surrounding consumer protection laws ►Highlights the risks associated with non-compliance ►Defines differences in customer communications relating to feedback, inquiries and complaints ►Outlines requirements surrounding Consumer Complaint Management ►Establishes a Consumer Complaint policy that can be adjusted or tailored to the needs of your organization The Consumer Complaint Policy Manual is a pre-written AllRegs Policy Manual. It is a complete plan, ready for personalization with your company or organization’s name. You can even customize it to include your own internal policy and procedures. Visit or contact your dedicated account executive to learn how you can implement this consumer complaint policy manual today. For a personal consultation on your consumer complaint and other policy needs, call your dedicated account executive at (800) 848-4904. Or, get more information about AllRegs and the full suite of products and services by visiting today. Joy K. Gilpin is professional services manager with AllRegs. She may be reached by phone at (800) 848-4904.
Dec 03, 2013