Financial - Complaints Management & Disputes Software – CFPB

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Civica Complaint Management software for Financial Services has been designed to enable US financial services providers to meet the requirements set out in the Consumer Financial Protection Bureau (CFPB)’s Supervision and Examination Manual as well relevant Federal and/or State regulations and laws.

Established in American law by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), The CFPB’s Supervision and Examination Manual is a guide for examiners to use in overseeing companies that provide consumer financial products and services – including how they should handle consumer complaints and inquiries.

Overview: The CFPB expects that you will not only have a consumer complaint process in place, but that you will also gather information from consumer interactions in an organized fashion, that the information be retained, and that it be used as a part of your CMS. Additionally, the CFPB requires that companies make a deliberate and good faith effort to resolve each consumer complaint.

Objectives:

  • Are the processes and procedures for addressing consumer complaints appropriate?
  • Are the investigations and responses reasonable?
  • Are the complaints appropriately recorded, categorized, addressed, and resolved promptly?
  • Are complaints that may raise legal issues appropriately categorized and escalated?
  • Are complaints monitored by management to identify risks of potential consumer harm, and to see if a CMS deficiency or IT issue has caused the complaint?
  • Is corrective action being taken when appropriate?
  • Note the number of consumer complaints received by the entity during the exam time period.

Examiner Procedure: The examiner will review any IT-related consumer complaints, including any that are received at the institutions service providers. They will require access to policies and procedures relating to consumer complaints. Examiners will also review any responses, corrective actions, analysis and categorization of any IT complaints, and determine whether correct corrective action was taken.

Consumer complaints and inquiries should be an integral part of an institution’s compliance management system.

The CFPB also provides a consumer complaints portal – delivering a single website where consumers can file a complaint about a financial product or service. The CFPB will then forward the complaint to the relevant company and track the company’s resolution efforts. All of the data collected on the portal is then also made available as open data – enabling consumers and other interested parties to assess the complaint handling performance of different financial services providers.

Civica for Complaint Management can also be delivered to drive the management of credit reporting disputes (including Automated Consumer Dispute Verification (ACDV) and e-Oscar related activities), mortgage servicing inquiries, and many other complaint-related processes.

An easy-to-use, cost-effective and intuitive system, Civica Complaints Management for Financial Services, makes it easy to capture manage, track and report on complaints, disputes, inquiries, and feedback regardless of where and how the customer contacts your organization.

Civica Complaints Management for Financial Services includes:

  • Workflows and correspondence that are pre-defined to meet the relevant company, state, or federal SLAs that may apply when handling and resolving consumer complaints, inquiries and disputes.
  • Granular classification of complaints, inquiries, and disputes to enable effective root cause analysis to be conducted to prevent systemic issues from going unnoticed.
  • Simple to use facilities for the capture of complaints, inquiries, and disputes to enable logging and tracking from initial contact with contact through to escalated complaint and dispute handling operations.
  • Email, web form, telephony, and social media integration tools to enable complaints, inquiries, and disputes to be collected from any channel.
  • Full reporting, team-specific dashboards, and analysis tools.
  • KPI tracking and measurement.
  • Full support for handling complaints, inquiries, and disputes referred by regulatory bodies and/or consumer advocacy groups – with in-built facilities to support the sharing of case file information with the relevant organization.

If you would like to learn more about Civica Complaints Management for Financial Services, contact us to book a demo.

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