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ARTICLE · 01 SEPTEMBER 2016

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation And Debt Collection Issues

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The Consumer Financial Protection Bureau's most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection...

United StatesConsumer Protection
Sherwin Root
Sherwin Root
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The Consumer Financial Protection Bureau's most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on mortgage lenders' and debt collectors' radar.

The Fair Credit Reporting Act requires furnishers that regularly and in the ordinary course of business furnish information to consumer reporting agencies to promptly update information they determine is incomplete or accurate. CFPB examiners found that one or more such furnishers of deposit account information failed to correct and update the account information they had furnished to credit reporting agencies and/or did not institute reasonable policies and procedures regarding accuracy, including prompt updating of outdated information. When consumers would repay charged-off accounts in full, certain furnishers were found to have updated their systems of records to reflect the payment, but not

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