On June 11, 2019, the Consumer Financial Protection Bureau (CFPB) issued a press release related to Director Kraninger’s first six months leading the CFPB. The press release includes highlights from her tenure so far. Of particular interest to credit unions are the following actions related to enforcing consumer protection laws:
Took action against one of the 10 largest HMDA reporters for violating HMDA and Regulation C
Took action against a mortgage servicer for violating the Consumer Financial Protection Act, RESPA, Regulation X, the Truth in Lending Act and Regulation Z
Filed a lawsuit against a debt collection firm for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act
Took action against a federally chartered savings association for violating the Consumer Financial Protection Act, the Electronic Fund Transfer Act and and Regulation E
Took action against a company that violated the Consumer Financial Protection Act, the Gramm-Leach-Bliley Act, Regulation P, the Truth in Lending Act and Regulation Z.
Note, several of these actions were based on violations Doeren Mayhew has seen or heard occur at credit unions.
John Zasada, JD, CAMS – Regulatory Consulting Director, Financial Institutions Group. John can be reached at email@example.com.