In their special Winter 2021 Supervisory Highlights, the CFPB found that financial institutions struggled with operational challenges, resulting in long hold times, inaccurate information, failures to send out timely disclosures, and inaccurate credit reporting. The highlights discuss mortgage servicing, auto loan servicing, student loan servicing, credit card account management, consumer reporting and furnishing, debt collection, deposits, prepaid accounts, and small business lending which the CFPB found elements of emerging consumer risks in during lender’s pandemic response periods.
CFPB Assesses Lender Pandemic Responses – Consumer Financial Protection Bureau – CFPB
More Stories
Auto Lending Accelerates as Borrower Credit Quality Slips
After the Repo: When Does a Credit Union Finally Admit the Loss?
Auto Lending Is Moving Down the Credit Risk Ladder – Collections and Repo May Follow
Holmes Motors to Pay $137,000 Over Alleged Violations of Servicemembers’ Vehicle Lease Rights
Credit Unions Can Now Share More Fraud Intelligence Than Ever Before
Feds Charge 83-Year-Old Woman in Alleged $10 Million Auto Lending Ponzi Scheme