The CFPB is Loud and Clear

Have you read the Consumer Financial Protection Bureau’s Annual report of credit and consumer reporting complaints, which includes how the organization identifies consumers’ growing issues? It says the following:

“The CFPB’s complaint process is the primary method by which the CFPB hears from consumers. This process is designed to facilitate an interaction between companies and consumers, and also to ensure that consumer voices help prioritize agency action by identifying problems in the marketplace.”

This is a call-to-action to pay attention to your CFPB customer complaints. Here’s why:

  1. Complaints submitted to the CFPB are critical to determining the agency’s priorities and actions, which impact each institution.
  2. Recommended considerations and policy actions are derived from interactions between companies and consumers — and incorporating the CFPB’s complaint process provides a critical resource for determining these actions.
  3. There is an expectation to identify problems across the industry. 
  4. All institutions should have the capabilities in place to identify, understand, predict, and prevent problems in the marketplace between financial service companies and consumers.

What if I told you that frictions in your operational business practices could be identified at least six months before regulatory notice? 

PositivityTech®  is a platform that makes it possible for financial institutions to do what the CFPB expects and advises: use customer complaint data to identify, understand, predict, and prevent fast-growing issues and to reveal opportunities for action which proactively strengthen your business. 

An Inside Look: Wells Fargo’s Violations

In December 2022, the CFPB filed a consent order against Wells Fargo, citing multiple violations across several of the bank’s largest consumer product lines, which led to billions of dollars in financial harm. This consent order requires Wells Fargo to come into compliance with federal consumer financial law, paying more than $2 billion in consumer redress as well as a $1.7 billion penalty.

With PositivityTech’s unique capabilities, institutions can evaluate problems in the marketplace — like those that Wells Fargo is facing — and extract customer narratives citing points of friction, and benchmark issues related to mortgage originations and modifications, auto loans and repossessions, and accurate management of deposit accounts.

See PositivityTech’s findings in the visuals and customer complaints below. 

An Inside Look: Wells Fargo & Mortgages

An Inside Look: Wells Fargo & Auto Loans

An Inside Look: Wells Fargo & Checking / Savings

An Inside Look: Banks’ Fast-Growing Issues — And How to Prevent Them

Any institution can use this opportunity to strengthen their approach to their customer complaint data, as the CFPB has advised.

With its proprietary monthly trigger process, PositivityTech enables financial institutions to proactively act upon changing issues — issues which are fast-growing as well as issues which are improving — and to adapt policies and actions accordingly.

See findings from PositivityTech’s recent trigger process with examples from four institutions: Ally Financial, Capital One, Bank of America, and JPMorgan Chase.

An Inside look: Ally Financial & Credit reporting

PositivityTech’s trigger process identified rising CFPB customer complaints about Ally Financial, which focus on the improper use of credit reports.

An Inside Look: Capital One & Credit Cards

PositivityTech’s trigger process identified rising CFPB customer complaints about Capital One, which focus on getting a credit card.

An Inside Look: Bank of America & Opening An Account

PositivityTech’s trigger process identified rising CFPB customer complaints about Bank of America, which focus on opening an account. 

An Inside Look: JPMorgan Chase & Mortgages

PositivityTech’s trigger process identified the reduction of CFPB customer complaints about JPMorgan Chase which focus on mortgages. In the last year, 2.4% of all complaints about mortgages to the CFPB were about JPMorgan Chase in comparison to 6.5% in the last decade.

Identify Your Fast-Growing Issues Before it’s Too Late

The CFPB is loud and clear: It is paying attention to your customer complaints — and will prioritize agency actions accordingly.

PositivityTech makes it possible for institutions to strategize, prioritize and act upon small, fast-growing customer issues before these issues increase further and an expensive enforcement action is mandated.

The CFPB recently stated that it is cracking down on issues with bank fees and cross-border payments. Use customers’ narratives from across the industry and domain specific algorithms to proactively prepare, monitor, report, and act.

Interested in identifying your institution’s fast-growing issues? Get in touch with me at We look forward to helping you turn negatives into positives.