December 01, 2022

New on the Compliance Blog: Forbearance violation, CFPB’s Supervisory Highlights

Compliance BlogAs credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.

Here's a roundup of what's new this week:

CFPB Takes Action on CARES Act Forbearance Violation: Regulatory Compliance Counsel Keith Schostag discusses the recent consent order filed by the CFPB against Carrington Mortgage Services, LLC “for violations of the Fair Credit Reporting Act.” The post details the allegations against Carrington and the required actions needed to remedy the situation, including paying a $5.25 million civil penalty.

Fall 2022 Supervisory Highlights Part I: Auto Servicing, Consumer Reporting, Credit Card Account Management, and Debt Collection: Regulatory Compliance Counsel Justin White highlights the first set of topics from the CFPB’s Supervisory Highlights, including auto servicing, consumer reporting, credit card account management, and debt collection. White also notes that the Regulatory Compliance Team will complete the review of the Supervisory Highlights through additional blog posts.

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