WASHINGTON—State financial regulators now have the ability to input, manage and address customer complaints electronically within the State Examination System (SES) technology platform, the Conference of State Bank Supervisors (CSBS) said.
State agencies can enter and process complaints about financial entities under their supervision. Summaries of all complaints are available to any state regulator using the complaints system, creating a risk-focused network, the CDBS said.
“Bringing together supervisory processes of examination, investigation and complaint review in one online platform offers a comprehensive view of state-supervised companies,” said Charles G. Cooper, Texas Banking Commissioner and vice-chair of State Regulatory Registry Board, a CSBS subsidiary. “The information will certainly inform our view of each institution and the financial system.”
Companies licensed or registered through the Nationwide Multistate Licensing System will receive SES Consumer Complaints enrollment information when their state regulator is ready for each company to utilize the new system. Once registered, institutions will work with their regulator inside the system to resolve consumer complaints.
‘Streamlined Supervision’
“This new feature will eventually replace many agencies’ routines of manually processing and resolving consumer complaints and improve their ability to share information with fellow regulators,” said Kyle Thomas, CSBS vice president in charge of SES development. “Through SES, financial institutions operating in multiple states will see more benefits of streamlined supervision as more states bring their supervised entities onto the system.”
Added John W. Ryan, CSBS president and CEO, “This new functionality will allow regulators to view complaints across the country and more quickly identify trends and bad actors. This is another example of how states are creating a more networked system of supervision to enhance state oversight while streamlining compliance for regulated entities.”