Complaint Policy for Bank

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Question:

Is it mandatory to have a Complaint Policy for the bank? If so where can I find guidelines for the policy and procedures?

Answer:

I'm not aware of a specific requirement for a complaint policy. However there are several issues which can indirectly lead to such a requirement. One is the RESPA requirement to respond within specific timeframes to qualified written requests for information related to servicing a loan. Another is Reg E error resolution requirements that stipulate timeframes for responding to alleged EFT errors. Those types of issues would often fall under the purview of an effectively administered complaint program.

First published on BankersOnline.com 1/17/11