John Zasada, Compliance Consulting Director, Financial Institutions Group

On June 29, 2021, the Consumer Financial Protection Bureau (CFPB) issued the Summer 2021 edition of Supervisory Highlights. The 48-page document highlights CFPB findings that resulted in enforcement actions and also explains legal violations detected by CFPB examiners taking place in 2020.

The CFPB identified the following four particularly concerning findings from the report:

  • Consumer reporting companies accepted consumer data from unreliable furnishers
  • Redlining
  • Foreclosure issues
  • Student loan servicers misled consumers about Public Service Loan Forgiveness

The Supervisory Highlights also includes violations of Regulation E error resolution requirements, overdraft opt-in and disclosure requirements and HMDA.

Need helping ensuring you are in compliance with these items? Contact our team of regulatory compliance specialists today.