The Consumer Financial Protection Bureau probably isn’t going away, but it may be changing. As I wrote last week, the United States House of Representatives recently passed H.R. 10, the Financial CHOICE Act, which aims to curb the CFPB’s authority by altering the Bureau’s funding structure, giving the President the power to remove CFPB directors […]
The latest financial services compliance news, tools, and insights to keep you cool, calm and compliant.
We’ve done a lot of writing about consumer complaints here on the Compli blog recently. Two weeks ago, we featured Hudson Cook attorney Michael Benoit’s guidance on complaint resolution and what the Consumer Financial Protection Bureau is looking for. And last week, with Wendy Miller, we learned how companies that prioritize complaint resolution not only […]
Here in the United States, we have a proud tradition of setting things on fire. Starting with the Revolutionary War—up through the most recent Transformers movie—our nation has continually expressed a unique love of infernos, gunfire, rockets, and explosions. Where else can you chomp down on a chargrilled burger while waving a sparkler in the […]
Earlier this month, the United States House of Representatives passed H.R. 10, otherwise known as the Financial CHOICE Act. Introduced by House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas), the legislation aims to bring about sweeping changes to the Dodd–Frank Wall Street Reform and Consumer Protection Act and the Consumer Financial Protection Bureau.
CFPB requirement or competitive advantage—why not both? Last week, with Michael Benoit of Hudson Cook, we explored the regulatory side of consumer complaints. Michael walked us through how the Consumer Financial Protection Bureau evaluates institutions’ consumer complaint programs for evidence of overall compliance. We also learned the five key elements of the consumer complaint resolution process […]
We’ve blogged a lot recently about finance companies’ “broken windows,” AKA consumer complaints. Why? For our consumer finance customers, complaint management is an essential step for using Compli’s products. Perhaps it’s more than coincidence that “complaints” and “compliance” look and sound so alike.
About 98% of organizations in the US have some form of sexual harassment policy in place. Virtually all of us recognize it as a problem, so why does harassment keep happening?
Innovation is in the eye of the beholder. The same tactics that automotive dealerships attempt to use to make more money from sales may appear, to regulators and attorneys, as unfair, deceptive, or abusive acts or practices.
No one likes consumer complaints—not your board, not your capital partners, not the Consumer Financial Protection Bureau, not even consumers. In fact, most people never complain (even when they should) and those who do tend to do so only when they’re infuriated to the point of never willingly doing business with you again.