Complaints and how you handle them have been a focus of regulators for the past couple of years. While no one enjoys dealing with customer complaints, they can provide a wealth of information and give you a heads-up to areas of concern that may not be on your radar. So, what are some of the hot spot areas that will catch your examiner’s attention?
Jerod explains more in the video.
Let's go to page number 15. Let's talk about complaint hot spots. Really all I'm sharing with you here is a list that we've constructed based on the information your regulators shared with us. So, where are the areas that they're focusing on when it comes to your complaint log? What they're doing is they're reviewing your complaint log and going, "Okay, do we have a complaint that we can fit in one of these buckets?"
And so, just at the top of page 15, discrimination's always big. If there's a fair lending issue, that's really going to get their attention. Overdrafts, lots going on there. Mortgage servicing's a big deal right now. Reg E has blown up; it's super hot. No new regulations have come out, but a spotlight has been cast on how banks handle Reg E disputes, electronic funds transfer disputes, and debit card disputes. And we're finding there are a lot more errors than maybe people would've expected in that area.
Now, part of that is there are many more electronic transactions than there have been in the past. Make sure you've cleaned some house there. And you can read on for yourself.
Published
2022/12/20