In September, both the Consumer Financial Protection Bureau and the National Credit Union Administration issued public reports touting the reach and improvements in their consumer complaint portals.
CFPB reported its latest tally of complaints across all consumer products now exceeds 702,900 (up 144,900 since February). At the same time, NCUA unveiled a new and improved online complaint portal for handling credit union member complaints. These would be impressive developments if these were real member service results rather than brighter government red tape.
This article discusses member complaints from two standpoints: first, the basic structure and effectiveness of the CFPB and NCUA complaint machines and, second, a broader view of effective member response management for credit union.