Is your business struggling to comply with CFPB laws? We can help!
What is CFPB? Let’s break it down. The Dodd-Frank Act introduced UDAAP (Unfair Deceptive, or Abusive Acts of Practices), and directs the CFPB (Consumer Finance Protection Bureau) to issue regulations to prevent UDAAP from occurring. The CFPB began consumer response operations in July, 2011. CFPB has issued rules of compliance to all financial institutions with a deadline of January 2014. The CFPB hears directly from consumers about problems they have experienced in the marketplace, and brings these concerns to the attention of all financial institutions and aids in addressing the complaints.
There are four steps to CFPB compliance:
1.) Commit time and resources to a CFPB specific compliance management system. (CMS)
2.) Appoint a senior management- level chief compliance officer who is responsible for providing regular reports on CFPB compliance.
3.) Implement a customer complaint management system to ensure prompt and effective handling of complaints and provide an opportunity to resolve problems before you reach the CFPB.
4.) Arrange independent compliance audits of the company, by third party or by someone not involved in the CFPB compliance program.
This may seem like a difficult process to put in place, but with Issuetrak the process can be very easy. With our customizable software, we can help you keep track of your processes and comply with the CFPB laws. Step by step, Issuetrak can help with your consumer complaint tracking.