John Zasada, Compliance Consulting Director, Financial Institutions Group

On Dec. 8, 2021, the Consumer Financial Protection Bureau (CFPB) released Issue 25, Fall 2021 Supervisory Highlights. The 23-page Supervisory Highlights summarizes regulatory compliance violations detected by the CFPB during examinations of financial institutions, which include the following:

  • Credit cards
    • Billing error resolution requirements
    • Failing to pay advertised bonuses
  • Regulation E error resolution misdirected payments
  • Fair lending
    • Discriminating against African American and female borrowers in granting pricing exceptions
    • Improperly inquiring about small business applicants’ religion
    • Improperly considering an applicant’s religion in the credit decision process
  • Mortgage servicing
    • Charging late fees and default-related fees to borrowers in Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearances
    • Failing to terminate preauthorized electronic fund transfers
    • Overcharging consumers for services rendered by a service provider
    • Incorrect handling of partial payments
    • Not automatically terminating PMI on a timely basis
  • Remittance transfers
    • Not investigating notice of errors

Want to make sure your financial institution avoids these errors? Doeren Mayhew can help put a regulatory compliance program in place that keeps you out of trouble with regulators. Contact us today.