CFPB Highlights Findings From Supervisory Examinations

The CFPB highlighted findings from supervisory examinations completed in 2020. The examinations covered, among other things, (i) auto servicing, (ii) consumer reporting, (iii) debt collection, (iv) fair lending, (v) mortgage servicing and (iv) student loan servicing.

In its periodic publication Supervisory Highlights, the CFPB reported, among other things, examples of:

• unfair or deceptive practices in relation to (i) lender-placed collateral protection insurance, and (ii) payment application and payoff amounts, in circumstances where consumers were due ancillary product rebates;
• deficiencies in consumer reporting companies' compliance with the Fair Credit Reporting Act and Regulation V, specifically, their (i) accuracy requirements, (ii) requirements concerning ID theft block requests and (iii) dispute investigation requirements;