Report identifies valuable insights and takeaways for financial institutions through an analysis of consumer complaints to the FTC and CFPB.
PerformLine, the leading provider of automated compliance technology, has released the 5th edition of its annual Consumer Complaint Report, which includes consumer complaint data from the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database, the Federal Trade Commission (FTC)’s Sentinel Network, and proprietary data from the PerformLine platform.
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The report uncovers observations about the nature of recent complaints and how regulators use them to help guide regulatory actions. Its purpose is to provide a big picture of the challenges consumers are facing in the marketplace to help financial institutions understand their risk and improve their regulatory compliance efforts, customer experience, and overall operational effectiveness.
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The 2020 Consumer Complaints Report includes insight into:
- A proprietary Enforcement Risk Scale that shows how complaints correlate to an organization’s risk of enforcement, and at what cost
- COVID-19 complaints and the compliance challenges financial institutions are facing
- Key complaint trends by year, category, and location, including 2020 so far
- The impact of regulators’ focus on protecting vulnerable populations, including military service members and older Americans
“This report has become a must-read for compliance and risk professionals because it highlights key insights around consumer complaints that can help organizations be proactive in their compliance programs to get out ahead of risk,” said Alex Baydin, CEO and Founder of PerformLine.
Richard Cordray, former Director of the CFPB, discussed the importance of utilizing consumer complaint data to help mitigate risk during a COMPLY Summit event this summer. “The [CFPB] database is especially valuable to compliance officers, as the data provided gives them a window into what’s going on at other companies in their whole industry, as opposed to just hearing what their own customers are saying,” he said.
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