CFPB Supervision

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The CFPB has released the Fall 2022 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday lending that were completed between January 1, 2022 and June 31, 2022.  Accordingly, this represents…

Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights.  In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key areas:

  • Transcript withholding policies at institutional lenders (e.g. for-profit colleges that make private loans directly to student);
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Ms. Twohig, a recognized consumer finance expert, shares her insights regarding the CFPB’s supervisory program.  Our discussion topics include: the differences between the CFPB’s supervisory program and the programs of the federal and state banking regulators; the CFPB’s approach to allocating resources, conducting exams, and examiner training; the origins and objectives of Supervisory Highlights; how…

We first review the scope of the CFPB’s supervisory authority granted by Dodd-Frank and the source of its authority to supervise nonbanks that present risks to consumers.  We then discuss how we expect the CFPB to use its risk-based authority, including the types of products it may target and its decision to make public the…

The CFPB has released the Spring 2022 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicing that were completed between July 2021 and December 2021.  Accordingly, many…

The CFPB has announced that it plans to invoke its “dormant authority” to supervise nonbanks engaged in conduct that poses risk to consumers.  In conjunction with the announcement, the CFPB issued a procedural rule concerning the confidentiality of proceedings in which the CFPB invokes such authority.  These moves by the CFPB are notable for two…

The CFPB recently announced that it is updating its exam manual to direct its examiners to consider discriminatory conduct an “unfair” act or practice represents a significant expansion of its UDAAP authority.  We discuss: the CFPB’s legal theory; types of products/services/bases for discrimination the CFPB could reach using unfairness and role of disparate impact analysis;…

Consistent with expectations that the CFPB under Director Chopra’s leadership would take an expansive view of its statutory authorities, the CFPB has announced its intention to use its authority to prohibit unfair, deceptive, or abusive acts or practices (UDAAPs) to target discriminatory conduct, even where fair lending laws may not apply.

Specifically, the CFPB is…