20 Business Leaders Share How Call Centers Can Address Increased Customer Vulnerability
Learn how call centers can more effectively identify, address and manage customer vulnerability.
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The Team at CallMiner
March 17, 2017
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government set up after the financial crisis of 2008 in order to protect the rights of consumers in the financial services industry. The CFPB has jurisdiction over areas including banks, credit unions, securities firms, debt collectors, foreclosure relief services, as well as other financial services firms based in the United States.
The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act introduced in response to the 2008 financial crisis authorized the creation of the NFPB which came into operation the following year. The primary aim of the CFPB is “to make consumer financial markets work for consumers, responsible providers, and the economy as a whole.” The CFPB strives to eliminate unfair and deceptive activities in the financial services sector by taking action against offending companies and also by arming consumers with the information and tools they need to protect themselves against such behaviors.
The vision of CFPB is to develop a financial services sector in the United States that is characterized by transparency, fairness, and responsibility. Consumers will be able to view prices and risks as soon as they engage with a company and not further along the buyer’s journey. Deceptive business models and abusive practices will be eliminated.
The CFPB develops rules for the industry to follow. In addition they carries out the following measures to help make their vision a reality:
The scope of the CFPB is quite broad. Sometimes companies might not even realize how broad it is and, as a result, may end up failing to meet the rules set out by the CFPB. Non-compliance invariably results in costing your company financially as fines and penalties are imposed.
CFPB regulations can also apply to a financial service provider’s vendor – who acts as an extension of the service provider.
To help you avoid CFPB compliance failure, we have developed a set of best practices:
Further Reading on CFPB Consumer Financial Protection Bureau
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