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ARTICLE · 20 MARCH 2020

CFPB Issues Semi-Annual Report To Congress

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The CFPB issued its semi-annual report to Congress. The report highlighted significant financial product and service issues consumers faced between April 1, 2019 and September 30, 2019.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFPB issued its semi-annual report to Congress. The report highlighted significant financial product and service issues consumers faced between April 1, 2019 and September 30, 2019.

According to the CFPB, the two most common consumer issues regarding financial services concern (i) credit reports and credit scores, and (ii) access to the consumer credit card market and the means used to obtain credit.

Additionally, the CFPB stated that its Fair Lending Supervision program held sixteen events at financial services institutions in order to encourage compliance with federal laws mandating "fair, equitable, and nondiscriminatory access to credit for both individuals and communities." The CFPB reported that it filed one fair lending public enforcement action over the reporting period and referred one matter to the DOJ.

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