UDAAP Requirements for Customer Complaints

Question:

What are the UDAAP requirements for handling oral complaints from consumers?

Answer:

There are no regulatory requirements for how your financial services organization should handle oral complaints from a UDAAP perspective. However, a best practice may involve tracking oral complaints, including those that may be phrased as more innocuous questions, using the same system that you use for written complaints.

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These best practices are described in detail in BAI's comprehensive courseware catalog, course 20383 - UDAAP: How to Prepare Your UDAAP Program.

Vendor:

BAI

BAI provides financial service leaders with the industry’s most actionable insights. For over 90 years, BAI’s mission has been to empower leaders to make smart business decisions, drive positive change, and move the industry forward. Because a strong financial services industry helps consumers, businesses, and communities thrive. For more information call: 800-224-9889.