Examiners found that servicers engaged in an unfair act or practice by charging consumers for unnecessary CPI.
Washington, DC – 29 June 2021 – On Tuesday, the Consumer Financial Protection Bureau (CFPB) released its Summer 2021 Supervisory Highlights. Within its scope are the usual issues of Fair Debt Collections Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA) infractions. But this year’s edition takes exception with one of auto lending’s most contentious of topics, Collateral Protection Insurance (CPI).
CFPB Shines a Light on CPI Servicing Infractions – Credit Union Collections – Consumer Financial Protection Bureau – CFPB
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