The Consumer Financial Protection Bureau’s (CFPB) 16th edition of its Supervisory Highlights highlighted multiple instances where improper communication practices led to compliance issues at certain banks, debt collection companies and credit card providers.
The report also offered new insight about what examiners will be looking for in relation to the bureau’s program directly supervising service providers.
Lackluster practices for communicating with customers can result in many feeling misled, and this report provides an in-depth look at numerous examples of how such occurrences can adversely affect a business.