New Report From PerformLine Identifies Compliance Risk Signals From Consumer Complaints Submitted to the CFPB
MORRISTOWN, N.J., October 13, 2022 (Newswire.com) - PerformLine, the leading provider of compliance technology solutions, today announced its 7th edition of the annual Complaint Risk Signal Report that analyzes complaints submitted to the Consumer Financial Protection Bureau (CFPB) and the compliance risk signals they present.
As the Bureau's regulatory scrutiny continues to increase under Director Rohit Chopra, this report serves as a valuable tool for banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates who the Bureau has the supervisory authority over, by highlighting significant trends and insights that organizations can use to mitigate compliance risk.
By being aware of the types of challenges that consumers face in the marketplace, organizations can use this information to shape their compliance programs to focus on the most pressing issues presenting risk to their business.
In its most robust edition to date, this report details the nature of recent complaints around a variety of topics and industries, including:
- Compliance and risk trends by industry, including mortgage, buy now, pay later (BNPL), bank accounts, and more
- Insight into COVID-19 complaints and the compliance challenges financial institutions are facing in a post-pandemic world
- The impact of regulators' focus on protecting vulnerable populations, including military servicemembers and older consumers
- An Enforcement Risk Assessment that shows how complaints impact your organization's risk of enforcement, and at what cost
"At PerformLine, our mission has always been to empower compliance leaders with the technology, tools, and knowledge they need to ensure their organization and partners provide transparent and accurate information to consumers across any channel," said Alex Baydin, PerformLine's CEO and Founder. "Armed with the knowledge from this report and with PerformLine's omni-channel compliance solution, companies can proactively monitor marketing communications to better protect consumers and avoid the complaints that lead to investigations and enforcement actions by the CFPB."
To download a copy of PerformLine's 2022 Complaint Risk Signal Report, click here.
ABOUT PERFORMLINE
PerformLine is a leading provider of compliance technology that empowers leaders with one platform to mitigate regulatory risk across major sales and marketing channels, including the web, calls, messages, emails, documents, and social media. PerformLine automates the path to discover, monitor, and mitigate, and report on compliance risks and ensure brand safety. The PerformLine SaaS platform features full workflow capabilities, real-time analytics, remediation, monitoring, and archiving, while providing clients with significant time and cost savings by automating compliance activities across channels and departments.
Source: PerformLine
