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A multi-million dollar growth spurt as the CFPB turns 3

2023-05-01T14:26:56-07:00July 31st, 2014|Customer Experience, Data Analytics, FinTech|

Last week, the Consumer Financial Protection Bureau (CFPB) turned 3 years old.  When the CFPB launched in July 2011, it wasn’t clear what power this regulatory progeny of the Dodd Frank Act would wield.  Today, there is no doubt about the agency’s authority.  With 9 products in its ever-increasing purview, the CFPB now hosts [...]

2013: A busy year for the CFPB, an expensive year for banks

2023-05-01T12:25:46-07:00April 8th, 2014|Data Analytics, FinTech|

Since its creation in 2011, the Consumer Financial Protection Bureau has been busy establishing its jurisdiction and authority over financial services providers. In 2013, the agency continued to expand its impact, assessing almost $2.8 billion in fines and restitution. It continued to step up its oversight as well, with initiatives in two new areas [...]

Mining the CFPB complaint database to improve customer experience

2023-05-01T16:43:26-07:00February 14th, 2014|Customer Experience, Data Analytics|

Analytics Update Sallie Mae learns a hard lesson in the importance of data analytics. If they had been paying attention, they could have seen all their customer experience problems coming. In August 2013, Richard Cordray, head of the CFPB, announced that the agency was turning its gaze toward student loans.  So it was no [...]

2013 analysis: Top 5 financial institutions with the most CFPB complaints (Infographic)

2023-04-27T15:20:51-07:00January 17th, 2014|Customer Experience, Data Analytics|

As part of Beyond the Arc's ongoing analysis of the Consumer Financial Protection Bureau (CFPB) customer complaint database, we've recapped 2013 in an upcoming report. Last year saw many leading financial institutions learn costly lessons from the CFPB, and there may be more ahead as the agency closely monitors an increasing array of key product [...]

Mining the CFPB complaint database to improve customer experience in home lending

2023-05-10T12:12:01-07:00December 7th, 2013|Best Practices, Customer Experience, Data Analytics|

The “Age of the Customer” has arrived, and with it has come an enormous amount of positive and negative consumer feedback. To increase retention and build stronger customer relationships, many mortgage lenders may be under-utilizing publicly available data sources like the Consumer Financial Protection Bureau (CFPB) consumer complaint database. “Recently, the CFPB released its [...]

Mining the CFPB complaint database to improve customer experience

2023-05-17T10:51:38-07:00October 7th, 2013|Customer Experience, Data Analytics|

The Financial Brand published an article by Brandon Purcell, Data Science Team Lead at Beyond the Arc, about the actions that student loan giant Sallie Mae could have taken to avoid increased oversight by the Consumer Financial Protection Bureau (CFPB). The article points out that if Sallie Mae had monitored and analyzed its customers’ [...]

CFPB ramping up its regulatory oversight

2023-05-01T14:01:13-07:00September 25th, 2013|Customer Experience, Data Analytics|

In the last few weeks, the CFPB has announced a number of high-profile activities that indicate the Bureau is actively expanding its oversight while continuing to assess costly fines on financial institutions. The agency has been busy: It fined JPMorgan Chase $309 million dollars for illegal credit card practices It released a tool to [...]

A warning to Sallie Mae from the CFPB database

2023-05-01T15:06:42-07:00August 19th, 2013|Data Analytics|

CFPB Data Analytics Update The Consumer Financial Protection Bureau (CFPB) initially made its complaint database public in order to improve transparency in financial products for consumers.  Companies can also benefit from the database by analyzing consumer complaints and taking appropriate action before the CFPB does.  Recently, the CFPB has given companies a warning of [...]

Measuring the effectiveness of the CFPB database

2023-05-01T12:20:24-07:00April 17th, 2013|Customer Experience|

The Consumer Financial Protection Bureau (CFPB) has been collecting complaint data across five different product areas in financial services including credit cards, mortgages, consumer and student loans, and banking and account servicing. The stated mission of the CFPB is to use this data to educate consumers about their financial providers. With over 92,000 complaints [...]

What to watch for in the newly expanded CFPB database

2023-05-01T14:56:55-07:00April 10th, 2013|Customer Experience, Data Analytics|

Back in early July 2012, the Consumer Financial Protection Bureau (CFPB) made public their complaint database consisting of over 14,000 consumer credit card complaints. Since then, Beyond the Arc has analyzed the data in depth, providing actionable insights into the current credit card market.As of March 28, 2013 the CFPB has expanded the database to [...]

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