CFPB Issues Summer 2020 Supervisory Highlights

On June 29, the CFPB released its summer 2021 Supervisory Highlights.  The findings of the report, which cover examinations that generally were completed between January 1, 2020 to December 31, 2020, are issued to "help institutions and the general public better understand how the Bureau examines institutions for compliance with Federal consumer financial law."

The CFPB noted four particularly concerning findings from the report:

• Consumer reporting companies are accepting information from companies that furnish consumer data, even though there were ample signs that these furnishers were unreliable.
• Discouragement of people in minority neighborhoods from applying for credit by, among other things, locating offices in almost exclusively majority-white neighborhoods, only using pictures of white people in direct mail marketing campaigns, and publishing loan officer headshots of almost exclusively white people.