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• W340280538 abstract "[ILLUSTRATION OMITTED] Jeff Asher had dubious glory of being first compliance officer to face an exam team from Consumer Financial Protection Bureau (CFPB). One early revelation was that bank's concept of what a complaint management system should look like, and what Bureau wanted to see, were different. We didn't know what we didn't know, said Asher, senior vice-president at $13 billion-assets FirstBank Holding Company, Lakewood, Colo., of exam in general and complaints issue specifically. Though traditional banking agencies have long expected to see some effort to manage and address complaints, the Bureau has raised bar, Asher told listeners at a two-hour deep dive session at ABA's Regulatory Compliance Conference earlier this year. Bureau's website encourages consumer complaints and inquiries, tracks them, and periodically issues reports. I never had to report statistics to a regulator before Bureau walked in for that exam, said Asher. Facing demands to produce tracking records for inspection going forward made Asher look more closely at what constituted a complaint, as well. To date, he said, there is no regulatory definition of complaint. Asher said his own, pre-Bureau definition would have required that communication to be in writing in order to be an official complaint, but now he sees need to broaden And he pointed out that Bureau sees complaints as a potential indicator of UDAAP issues (Unfair, Deceptive, and Abusive Acts or Practices). Determining what a complaint is demands a balance, Asher said. Meaningful trends can surface from a serious tracking exercise. But using too broad a definition brings much more volume into system, and can negate canary in coal mine benefit of a complaint system. I don't need a bunch of noise, said Asher. I need real issues. When there is specificity, problems can be pinpointed. Fellow panelist Sandra Chapman, senior vice-president and compliance officer at Busey Bank, Champaign, Ill., noted that her system surfaced a single complaint about debit card fees showing up in a customer's statement. It raised a flag because bank typically absorbed such fees (cross-border transaction charges assessed by Visa and MasterCard). But they showed up-in some 1,200 customer accounts, investigation revealed--as unintended result of a systems conversion. Sorting out unhappy signals Asher said absence of a regulatory definition helps industry overall, because each bank can adopt one that fits its circumstances. Given that freedom, Chapman said, Don't get hung up on what your definition should be. Pick one, and do it. She gave this definition used at her $3.6 billion-assets institution: The expression of any dissatisfaction with any of bank's products, services, policies, or fees; or a claim of being misled, deceived, or treated unfairly by bank. Such communications can be verbal or in writing, and from both customers and non-customers. Chapman said that in developing bank's definition, she did not want to include service quality issues like teller rudeness. You don't want to get overwhelmed when starting a program, she explained. Maureen Carollo, senior vice-president/compliance and BSA officer of $530 million-assets NBC Oklahoma, Oklahoma City, gave her bank's definition: Any verbal statement (received in person or via phone) or written correspondence (received via paper or electronic means) which expresses dissatisfaction with a bank product or service. bank added: Each situation should be taken seriously and documented, and not dismissed. Asher said FirstBank uses a very general definition: Any verbal statement or written correspondence which expresses dissatisfaction with a bank product or service. bank chose to be general for a specific reason-Asher said management felt that getting too specific would bog down frontline staff in decisions regarding reporting or not. …" @default.
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• W340280538 date "2013-08-01" @default.
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• W340280538 title "What's the Beef? ... and Other Conundrums in Running a Complaint Management Program" @default.
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