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CFPB supervisory examinations find credit reporting failures, junk fees, and mishandling of COVID-19 protections
Posted: Dec 1, 2022 | Author:
CFPB
The Consumer Financial Protection Bureau released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act by failing to promptly address and update incorrect information on credit reports. Today’s report also highlights instances where mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments.
“The CFPB’s supervision efforts limit the spread of potentially unlawful practices and consumer harm,” said CFPB Director Rohit Chopra. “The CFPB’s examination program continues to identify problematic practices and stop them before they spread.”
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