Where Do Complaints Come From?

Your examiners consider complaint data and your management of that data to be a critical component of your overall Compliance Management System (CMS). Since there is no regulatory definition as to what a complaint is, institutions are somewhat left to define this for themselves. Being too narrow or too broad can cause issues. One thing to consider when developing your complaint program is where complaints can come from. We’ve seen some institutions that say they only consider complaints from customers yet doing so leaves a ton of potentially valuable information from being evaluated which could help you avoid a future problem. It’s important to remember, complaints can come from a variety of sources, here are just a few:

• Consumers
• Non-Consumers
• Customers
• Non-Customers
• State and/or Federal Regulatory Agencies
• Representatives
• Anonymous
• Financial Institution Vendors

Jerod explains more in the video.

Video Highlights:

• Complaints can come a variety of sources.
• Building an awareness of complaints encourages team members to recognize them.
• Complaint information is valuable as it can uncover problems but also opportunities.

Published
2023/11/30