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
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