Since it’s inception, there has been concern that The Consumer Financial Protection Bureau (CFPB) would have a heavy hand in a wide range of loan servicing activities. It was in fact, something that they had stated early on when they stated the authority of rulemaking for auto loan servicers and a plethora of other aspects of the lending cycle. At the time, this had everyone from repossession agencies to forwarding companies and CPI vendors on edge. All of that concern seemed to have faded away over the years, but in their April 25th press release, they breathed fresh life back into it.
CFPB to take aim on loan servicers? – CFPB
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