Michael Waldron, a partner at Ballard Spahr and a compliance expert, hosted a webcast for credit unions on Wednesday in which he told the institutions to model their business practices based on the CFPB’s complaint database.
Waldron spoke to members of the National Association of Federal Credit Unions on complaint management processes and how to resolve and document complaints. He pointed to the positive takeaways of the complaint process.
“Complaints are an opportunity to detect and correct issues before they reach regulators and private class action lawyers,” Waldron said, adding that 82 percent of complaints received by the CFPB are forwarded to the companies named in the complaint. “Be cognizant of what the database is doing so you can, where it makes sense, model your practices after some of the key points.”