{"id":35881,"date":"2023-03-06T10:20:44","date_gmt":"2023-03-06T15:20:44","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-outlines-legal-violations-uncovered-by-supervision\/"},"modified":"2023-03-06T10:20:44","modified_gmt":"2023-03-06T15:20:44","slug":"cfpb-report-outlines-legal-violations-uncovered-by-supervision","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-outlines-legal-violations-uncovered-by-supervision\/","title":{"rendered":"CFPB Report Outlines Legal Violations Uncovered by Supervision"},"content":{"rendered":"
Examiners Recover $19.4 Million in Remediation for more than 92,000 Consumers<\/em><\/strong><\/p>\n WASHINGTON, D.C. \u2013<\/strong> Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report highlighting legal violations uncovered by the Bureau\u2019s examiners. The Bureau found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and mishandled disputes by consumer reporting agencies. The report also shows that CFPB supervisory resolutions resulted in remediation of $19.4 million to more than 92,000 consumers.<\/p>\n \u201cWe are sharing our latest supervisory highlights report with the public so that industry can see trends, examine their own practices, and be proactive to make needed changes before consumers are hurt,\u201d said CFPB Director Richard Cordray. \u201cThe CFPB will continue to monitor both bank and nonbank markets to ensure deception is rooted out, deficiencies are corrected, remediation is given to consumers, and violations are stopped in their tracks.\u201d<\/p>\n Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFPB has authority to supervise banks and credit unions with over $10 billion in assets and certain nonbanks. Those nonbanks include mortgage companies, private student loan lenders, and payday lenders, as well as nonbanks the Bureau defines through rulemaking as \u201clarger participants.\u201d To date, the Bureau has issued rules to supervise the larger participants in the markets of debt collection, consumer reporting, international money transfer, and student loan servicing. <\/p>\n Today\u2019s report, which is the seventh edition of supervisory highlights, generally covers supervisory activities between July 2014 and December 2014. Among the findings:<\/p>\n In all cases where CFPB examiners find violations of law, they alert the institutions to their concerns and outline necessary remedial measures. When appropriate, the CFPB opens investigations for potential enforcement actions. The CFPB expects all entities under its supervision to respond to customer complaints and identify major issues and trends that may pose broader risks to their customers.<\/p>\n The CFPB often finds problems during supervisory examinations that are resolved without an enforcement action. Recent non-public supervisory actions and self-reported violations at banks and nonbanks resulted in $19.4 million in remediation to more than 92,000 consumers. These non-public actions have occurred in areas such as payday lending, mortgage servicing, and mortgage origination.<\/p>\n Today\u2019s edition of supervisory highlights is available at: https:\/\/files.consumerfinance.gov\/f\/201503_cfpb_supervisory-highlights-winter-2015.pdf<\/span> \n
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