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CFPB supervisory highlights showcase wide range of violations
The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations from the agency's 2020 examinations. The agency issued $124 million in remediation and civil money penalties as a result of its 2020 enforcement actions.
"Today’s release of Supervisory Highlights reinforces the importance of the Bureau’s supervisory work, including during the COVID-19 pandemic, to find and correct systemic problems that hurt consumers," said CFPB Acting Director Dave Uejio. "The actions we took in 2020 mitigated some of that harm, but consumers are still struggling, and we will stay vigilant."
The bureau identified four “particularly concerning” findings from its report, including that consumer reporting companies accepted consumer data from unreliable furnishers, examiners found redlining, examiners found foreclosure issues, and student loan servicers misled consumers about Public Service Loan Forgiveness.