CFPB Assessed $107 Million in Relief Over the Summer

November 16th, 2015

 CFPB Assessed $107 Million in Relief Over the Summer

Over the summer, the Consumer Financial Protection Bureau (CFPB) secured more than $100 million in relief to nearly 240,000 consumers.  In its ninth issue of the quarterly Supervisory Report, the CFPB highlighted its supervisory findings from May 2015 and August 2015.  Examiners found illegal conduct in student loan servicing, mortgage lending, consumer reporting, and debt collection.  CFPB Director Richard Cordray commented, “Borrowers should not be mistreated when trying to repay their loans. We will continue to shine light on the problems we observe in areas such as servicing, consumer reporting, and debt collection, and hold companies accountable when they do not treat borrowers fairly.”

The CFPB reportedly “often finds problems during supervisory examinations that are resolved without an enforcement action.”  However, all violations are reported to the agency’s enforcement staff that can then open formal investigations to bring enforcement actions.  The CFPB’s nuanced review of underwriting standards to identify fair lending violations is noteworthy.

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CFPB Press Release:

CFPB Supervisory Highlights:

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