February 05, 2014

Waldron talks complaints, CFPB in webcast

Feb. 6, 2014 – Michael Waldron, a partner at Ballard Spahr and regular compliance speaker, hosted a NAFCU webcast on Wednesday on credit unions' complaint management process and how best to resolve and properly document complaints.

Waldron emphasized the potential upside of the complaint process. "Complaints are an opportunity to detect and correct issues before they reach regulators and private class action lawyers," he said.

He discussed the CFPB's history and creation of its complaint database. He noted that of the more than 200,000 complaints in the database, 48 percent center on mortgage issues. He also explained that 82 percent of complaints received by the CFPB are forwarded to companies.

Waldron said, "Be cognizant of what the database is doing so you can, where it makes sense, model your practices after some of the key points." He discussed NCUA regulations relating to complaints and how to document the receipt and resolution of complaints.

The webcast, "Getting Complaints: What to Do Next to Safeguard and Improve Your Credit Union," will be available on-demand for a year. An unlimited subscription to all webcasts during 2014 is available now.