TOPIC: Complaint

Complaint Management Programs - More Important Than Ever

Chances are that a Consumer Complaint Management Program review has become a key part of your most recent consumer compliance examination.  If you still haven’t developed your program or if you have a program in place but it needs refining, there is no time like the present to start developing or enhancing your internal process for gathering, tracking, responding to and analyzing customer complaints - especially since all financial institutions are adopting new ways to interact with and provide services to their customers during these challenging times. An effective program will define both what is and what isn’t a complaint.  The CFPB defines complaints as “submissions that express dissatisfaction with or communicate suspicion of wrongful conduct by, an identifiable entity related to a consumer’s personal experience with a financial product or service.” That said, if employees aren’t sure whether an issue is a complaint, make sure your program supports the escalating of such for investigation.  You may find it helpful to use the below framework to refine and enhance training on your institution’s complaint program.
  • Identify all channels from which complaints are received, such as social media (e.g., Twitter, Facebook, Instagram, etc.), email, written letter, over the phone, or in person.
  • Assign accountability for identifying, reporting and documenting all complaints, including timelines (receipt, investigation, resolution, and customer follow-up).
  • Identify higher-risk complaint types which could potentially pose reputational,  regulatory, and/or financial risks to your institution (e.g., fair banking (ECOA & FHA), UDAAP (excessive fees, undisclosed charges, unfair advertising, etc.), consumer overdrafts, SCRA, threat of legal action, third-party complaints (regulator or Better Business Bureau), etc.).
  • Define response requirements (timeliness, departments/officers involved, written templates, delivery channel (email, hard copy, phone call, etc.))
  • Engage the Board and Senior Management in analyzing the information by providing meaningful reports of complaint volumes, categories, and trends.
The receipt of complaints can provide an early warning of operational weaknesses and ineffective internal controls.  Developing and implementing a well-documented complaint management process can mitigate regulatory, financial, and reputational risks and improve customer relationships.  More information on managing complaints can be found at https://www.minneapolisfed.org/article/2018/establishing-effective-consumer-complaint-management-processes Also, remember 10-D Compliance now offers audit services to assess your institution’s consumer compliance program, including your complaint management program. 

    Managing Complaints To Achieve Better Results

    Complaints are the canary in the coal mine. They help identify potential compliance deficiencies and legal violations that could cost the financial institutions hundreds of thousands of dollars in civil monetary penalties, fines and restitution. Learn about complaint trends, the importance of managing consumer complaints, crafting a complaint resolution process that is all encompassing, and best practices to strengthen your complaint program.
    https://info.ncontracts.com/webinars/202002-managing-complaints-to-achieve-better-results

      Ncontracts February Webinar - Managing Complaints to Achieve Better Results

      MANAGING COMPLAINTS TO ACHIEVE BETTER RESULTSFebruary 26, 2020 @2:00 PM CT
      Complaints are the canary in the coal mine. They help identify potential compliance deficiencies and legal violations that could cost the financial institutions hundreds of thousands of dollars in civil monetary penalties, fines and restitution. Learn about complaint trends, the importance of managing consumer complaints, crafting a complaint resolution process that is all encompassing, and best practices to strengthen your complaint program.

      Topics to be covered include:
      • Definition of complaints
      • Regulatory expectations
      • Effective compliance programs
      • Risk management through complaint resolution
      • Using complaint data to identify potential fair lending issues
      Join Stephanie Lyon, Ncontract's VP of Compliance for this hot topic webinar.
      Register Here


        Webinar: CECL in 2023 - An Analyst's Perspective

        Join Abrigo analysts on this free webinar as they share the inputs, data, and results from working with public clients through advisory engagements, and outline the steps that financial institutions should be taking in 2020 to get CECL-ready.

        Tuesday, January 28, 2020 at 2:00 p.m. EST

        Register now: https://www.web.abrigo.com/CECL-2023

          Webinar: Ways to Leverage Portfolio Stress Testing Results

          Wednesday, Dec. 18 | 2 p.m. ET/ 1 p.m. CT
          Earn 1 CPE

          Community financial institutions have received little guidance on how to effectively stress test the loan portfolio. Join us for a free webinar to learn the importance of leveraging portfolio stress testing results and how bottom-up and top-down stress testing results can influence capital adequacy, risk management, and lending decisions. 

          Register: https://bit.ly/2DIBiyu

            Webinar: Running a Dynamic Asset/Liability Management Committee

            Monday, November 18, 2019
            2:00 PM ET / 1:00 PM CT

            Today’s economic environment demands that asset/liability management (ALM) teams are identifying and acting on opportunities quickly. The old ways of ALM operations are much different in inverted or negative yield environments. Having a firm risk assessment and plan for future financial performance is the backbone of the Asset/Liability Management Committee’s (ALCO) role. It is the requirement for a robust process for measuring and managing relationships between risk and return.

            The ALM process should not be limited to one that “checks the box” of meeting regulatory requirements. Financial institutions and ALCOs with a dynamic ALM process are able to inform good decision-making related to both strategy and risk.

            Join this webinar to learn:
            • What it looks like to be a dynamic ALM-oriented institution today
            • How to make good decisions in different rate environments
            • How to integrate other decision-making models to determine the best loan terms, rates, and funding source
            Register now: https://www.web.abrigo.com/ALM-webinar-november-18

              Which CECL methodologies are best for your portfolio?

              Given that the #CECL model is non-prescriptive, banks and credit unions have flexibility in choosing the right CECL methodologies for their institution’s unique data situation. This flexibility often leads bankers to one simple question: Where do I begin?

              In this complimentary infographic, learn about the 7 methodologies available to use and when they are or are not recommended: https://www.web.abrigo.com/cecl-methodologies-cbanc 

                eWire OFAC Configurations

                VP at a bank ($325MUSA)
                Hello all! We are a Horizon bank and have been on eWire for about 2 years. The amount of OFAC false positives that we receive continues to grow with every release. We are still using the default Confidence Scores and I’ve been told we need to increase them to reduce the number of false positives that we get. Would anyone be willing to share your settings or have input on this? We use good guy rules and add new ones regularly but we even get hits on the “white noise” words that are supposed to be excluded. eWire support has told us it’s because of the confidence scores.
                Any information would be great appreciated!! Here is a screenshot of our configuration. Thanks in advance!!
                 

                  2019 CECL Survey - Chance to win a $300 Yeti cooler!

                  Each year MST, now Abrigo, has been implementing an allowance survey. This year we’re asking about your progress in the CECL transition, how you are preparing and what you are determining in terms of how CECL will impact your institution. As always, we’ll compile answers and share the results so you can compare what you are doing with your peers. We encourage you to participate. As a token of our appreciation, you will have the chance to win a $300 Yeti cooler or a Bluetooth speaker.

                  We wish you a productive and profitable 2019!

                  Take the survey: https://www.surveymonkey.com/r/J236LTW

                    Having trouble keeping up with all these CECL updates?

                    CECL is in the news a LOT now that we're less than a year out from the transition. Robert Ashbaugh and Chris Emery are making sure your financial institution understands all of the recent changes and the ways that those changes and proposals might affect your institution's CECL implementation. Tune in for our free webinar in two weeks -- get registered here: http://bit.ly/2GrF1mr

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                      1 CAMS Credit | Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

                      Complimentary ACAMS Webinar Rebroadcast
                      December 12 at 12:30 PM - 01:30 PM EST

                      Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

                      Learning Objectives

                      • Review of the limitations of current AML approaches and technologies to effectively fight financial crime
                      • Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
                      • Learn how innovative technologies and customer segmentation will transform the AML industry

                      Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

                      Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.

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                        FinCEN and Federal Banking Agencies Encourage Banks to Innovate

                        Joint Statement Supports Adopting New Technology to Combat Money Laundering and Terrorist Financing

                        December 4, 2018 by Verafin

                        FinCEN and its regulatory partners released a joint statement yesterday, encouraging financial institutions to embrace innovative approaches to combat money laundering, terrorist financing, and other illicit financial activity.

                        By reassuring institutions that the new approaches or participation in pilot programs will not increase regulatory expectations, financial institutions should be encouraged to evaluate innovative solutions and new technologies with confidence.

                        In this blog, we discuss some of the key takeaways from the statement and outline the potential benefits for BSA/AML compliance programs that are considering innovative approaches and technologies.

                        Read the full blog now: https://verafin.com/2018/12/fincen-and-federal-banking-agencies-encourage-banks-to-innovate/?src=CBANC

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                          Announcing the 2019 FRAMLx Tour

                          Fraud Detection & Regional Seminars

                          Verafin is pleased to announce dates and locations for our 2019 FRAMLx Tour. Join us for a complimentary Fraud Detection & AML Regional Seminar near you.

                          At these free educational events, join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology. You will receive in-depth training on detection and investigation strategies to help stop financial crime.

                          Register now: https://verafin.com/regional-seminars/?src=cbanc

                          2019 FRAMLx Tour Locations:
                          Portland, OR – Tuesday, January 30
                          Seattle, WA – Thursday, January 31

                          San Francisco, CA – Tuesday, February 26
                          Los Angeles North, CA – Wednesday, February 27
                          Los Angeles South, CA – Thursday, February 28

                          Charlotte, NC – Tuesday, March 26
                          Orlando, FL – Wednesday, March 27
                          Atlanta, GA – Thursday, March 28

                          Dallas, TX – Tuesday, April 23
                          San Antonio, TX – Wednesday, April 24
                          Houston, TX – Thursday, April 25

                          Washington, DC – Monday, May 13
                          New York, NY – Tuesday, May 14
                          Boston, MA – Wednesday, May 15

                          Detroit, MI – Tuesday, June 11
                          Minneapolis, MN – Wednesday, June 12
                          Chicago, IL – Thursday, June 13

                          Visit the FRAMLx Tour website for more information, and keep checking back for updates on additional locations, accreditations, speakers and agenda details. https://verafin.com/regional-seminars/?src=cbanc

                          We look forward to seeing you at an event in your area!

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                            1 CAMS Credit | Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

                            Complimentary ACAMS Webinar Rebroadcast
                            Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
                            December 12 at 12:30 PM - 01:30 PM EST

                            Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=CBANC

                            Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

                            Learning Objectives

                            • Review of the limitations of current AML approaches and technologies to effectively fight financial crime
                            • Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
                            • Learn how innovative technologies and customer segmentation will transform the AML industry

                            Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=CBANC

                            Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.

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