PerformLine Releases 6th Annual Consumer Complaint Risk Signal Report

Report Provides Detailed Analysis of Complaints Submitted to the Consumer Financial Protection Bureau to Help Financial Institutions Identify Risk

(MORRISTOWN, NJ)—PerformLine, the leading provider of compliance technology solutions, has issued the 6th edition of its Consumer Complaint Risk Signal Report, an analysis of consumer complaint data from the Consumer Financial Protection Bureau (CFPB). This report presents compliance risk signals for financial institutions that could help proactively identify and mitigate risk in consumer interactions.

This annual report unveils observations about the nature of recent complaints and how regulators use them to help guide regulatory actions. In addition, this year’s report looks at data on specific topics such as mortgages & fair lending, credit cards, the buy now, pay later (BNPL) industry, and how COVID-19 impacted consumers and financial institutions. This edition is especially timely as the CFPB has a newly confirmed director, Rohit Chopra, who is expected to utilize the Bureau’s full scope of enforcement to crack down on consumer protection violations, making the findings in this report a must-read.

Detailed in this report:
– An Enforcement Risk Assessment that shows how complaints impact your organization’s risk of enforcement, and at what cost
– Compliance and risk trends by industry, including mortgage, buy now, pay later (BNPL), and credit card
– Insight into COVID-19 complaints and the compliance challenges financial institutions are facing
– The impact of regulators’ focus on protecting vulnerable populations, including military servicemembers and older Americans

“We believe in empowering compliance leaders with the most up-to-date knowledge and technology to help their companies grow,” said Alex Baydin, CEO and founder of PerformLine. “When viewed at a macro-level, we believe consumer complaints provide significant insights that financial institutions and their compliance leaders can use to guide their marketing compliance programs by understanding where risk is happening in the marketplace and proactively mitigating it.”

To download a copy of PerformLine’s Fall 2021 Complaint Risk Signal Report, click here.

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About PerformLine

PerformLine is the leading platform for omni-channel compliance oversight. Its cloud-based platform is mission-critical for companies to discover, monitor, and act on compliance risk in their marketing, sales, and partner channels. Through sophisticated technology, the PerformLine platform provides end-to-end marketing compliance automation, from the review of material before publication to continuous live monitoring across consumer-facing channels, including the web, email, social media, calls, and messages. PerformLine is trusted by consumer finance brands and global organizations to make efficient marketing compliance their competitive advantage.