Project Description

Consumer Compliance and Protection

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What is Consumer Compliance and Protection?

Agencies like the Consumer Financial Protection Bureau and the  Federal Reserve have made consumer protection a priority. Since its inception, the CFPB has dedicated itself to making sure financial institutions treat consumers fairly. The Federal Reserve expect all banks and their subsidiaries, especially those with assets of $10 billion or less, to exhibit strong compliance risk management practices.

Moreover, compliance programs must explicitly demonstrate a “risk-focused” approach. The Federal Reserve’s Community Bank Risk-Focused Consumer Compliance Supervision Program describes a risk-focused approach as “identifying, measuring, monitoring, and controlling risks and practices regarding the treatment of consumers, the potential for consumer harm, and compliance with consumer protection laws and regulations.”

Whether you call it a risk-focused, risk-based, or enterprise-wide approach, the ultimate goal is creating a cross-functional, dynamic compliance program. To thrive in the See-Through Economy, where consumer opinion vastly outpaces regulatory action, financial organizations must have a system in place to proactively adapt to examiner and consumer demands.

What are the Benefits of a Consumer Protection Compliance Tool?

The See-Through Economy is an age of transparency. Consumers have come to know social media and advanced technology as their partner in holding corporations accountable for protecting their funds, data, and best interests. In turn, lawmakers are responding to these demands by developing state and federal consumer compliance and protection regulations.

So how do you keep up with rapid change? You need a system that moves just as quickly. Manual processes backed by spreadsheets and Word documents won’t keep pace. Automated consumer compliance protection tools take away the pain points of version control and manual change management.

As a mission, compliance reaches far beyond one department. A consumer compliance tool like LogicManager helps organizations reach out to different departments and levels of the organization to gain valuable, actionable insights in real time.

A large faction of a successful consumer compliance management program is escalating, resolving, and preventing customer complaints. The most advanced consumer protection compliance tools will provide pre-built, customizable customer complaint forms paired with automated workflows and reports to ensure escalation and gain insight into mitigatable trends.

LogicManager’s Consumer Compliance and Protection Capabilities

LogicManager’s ERM platform comes equipped with consumer compliance and protection capabilities to empower you to thrive in a See-Through Economy with a risk-based approach.

Readiness Checklists: LogicManager will help you build out CFPB exam guidance and all applicable regulations as checklists directly in the platform so you can align with the Truth in Lending Act (TILA), Unfair, Deceptive, or Abusive Acts or Practices (UDAAPs), the Community Reinvestment Act, the Home Mortgage Disclosure Act (HMDA), and many more.

New Product Risk Assessments: Leverage pre-built new product risk assessments to meet requirements set by the CFPB to design products with consumer protection compliance in mind.

Seamless Change Management: LogicManager partners with Compliance.ai to provide our customers real-time updates to relevant financial regulations. Automated workflows enable users to immediately take action to comply with any change.

Taxonomy Technology: LogicManager uses a tiered taxonomy structure that enables users to map regulations and standards to policies, departments, assets, and more to more efficiently track risk.

Incident Webforms: We provide customer complaint forms out of the box you can customize to collect all the information you need. You can then create automated workflows for each type of incident to ensure escalation.

Automatic Reporting: LogicManager provides pre-built and custom reports to help you efficiently gain insight into customer complaint trends and non-performance gaps. Engaging and intuitive reports help you provide compliance and gain board buy-in.

Get this solution.

If you’re already a LogicManager customer, you can contact your business analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our customer protection compliance solution in action.

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