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Volume 25 - Number 25

December 8, 2014

Execs Expect Consumer Complaint Costs to Rise Due to CFPB Regs

Almost all (92 percent) financial services executives surveyed by Aptean, an enterprise application software vendor based in Atlanta, expect the costs of handling complaints to increase as a result of the regulations and enforcement activities of the CFPB, the firm said in a new study. Aptean’s new national survey also found that almost three out of four (73 percent) organizations say they already have experienced a jump in regulatory compliance costs since the CFPB started its regulatory and supervisory roles. Also, a majority (57 percent) of financial service executives said that the complexity of complaints has increased since the CFPB started operations in 2011. Meanwhile, 39 percent say complaint complexity has stayed about the same and only 4 percent say ...

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