Law360, New York (May 21, 2014, 6:58 PM ET) -- To
paraphrase a poem by the great Dr. Seuss, Oh, the places
they've been. Oh, the places they'll go! Consumer
complaint management has been top of mind for the Consumer
Financial Protection Bureau since the agency opened its doors in
July 2011.1 Under the Dodd-Frank Act, matters related to
the collection, investigation and response to consumer complaints
are designated as a core function for the CFPB. Consistent with
this mission, the CFPB has prioritized consumer complaint
management in its work and has identified it as one of the four
pillars of an effective compliance management
program.2
The bureau is using consumer complaints to drive its priorities,
to inform rulemaking, to guide supervisory work, and to identify
leads for enforcement matters. Complaints have been a core driver
for a variety of recent CFPB actions, from templates developed for
use by consumers in interacting with student loan servicers,
