The CFPB has added a new section to its Supervision and Examination Manual titled “Compliance Management Review-Information Technology.” The new section supplements the existing section on Compliance Management Review to provide examination procedures to be used by CFPB examiners to assess information technology (IT) and IT controls as part of a Compliance Management System (CMS)
CFPB Supervision
This week’s podcast: The CFPB’s Summer 2021 Supervisory Highlights: A close look at credit reporting, debt collection, fair lending and mortgage loan origination and servicing issues
We look at the practices found to be unlawful by CFPB examiners in these markets, discuss what the findings signal for future scrutiny of these markets by the “new CFPB”, and share practical takeaways for companies operating in these markets. Issues highlighted in our conversation include the CFPB’s findings regarding “unreliable furnishers,” furnisher handling of…
This week’s podcast: The CFPB’s Summer 2021 Supervisory Highlights: A close look at student loan issues
We look at the practices found to be unlawful by CFPB examiners. In addition to “as low as” rate advertising by providers of private student loans that did not disclose rates were dependent on borrower creditworthiness, we discuss servicer practices involving: providing inaccurate information about eligibility for the Public Service Loan Forgiveness program, automatic placement…
This week’s podcast: The CFPB’s Summer 2021 Supervisory Highlights: A close look at deposit, auto servicing, and payday lending issues
We discuss the practices found to be unlawful by CFPB examiners in the areas of deposits, auto servicing, and payday lending, identify practical takeaways for avoiding criticism by the “new CFPB,” and share our thoughts on what the findings signal for future scrutiny in these areas by the “new CFPB.”
Ballard Spahr Senior Counsel Alan…
CFPB Summer 2021 Supervisory Highlights looks at auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing
The CFPB has released the Summer 2021 edition of its Supervisory Highlights. The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing that were completed…
CFPB rescinds 2018 bulletin on supervisory communications and issues replacement bulletin eliminating supervisory recommendations
In addition to rescinding seven policy statements providing flexibility to companies in meeting certain compliance obligations during the pandemic, the CFPB has also rescinded its 2018 bulletin (2018-01) that announced changes to supervisory communications. The Bureau has replaced the 2018 bulletin with a new bulletin (2021-01).
In the 2018 bulletin, the Bureau announced that it…
CFPB issues special edition of Supervisory Highlights on COVID-19 prioritized assessments
The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.”
The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted prioritized assessments (PAs) in response to the COVID-19 pandemic. The Bureau describes PAs as “higher-level inquiries than traditional examinations [that are] designed to…
CFPB Halts Planned Shake Up of Enforcement and Supervisory Functions
Coming on the heels of the Presidential election results, the CFPB circulated an internal e-mail suspending a reorganization that would have stripped the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands.
Bloomberg Law reported the suspension after obtaining a copy of the internal e-mail. According to the Bloomberg article, Bryan Schneider,…
This week’s podcast: CFPB exam findings in Summer 2020 Supervisory Highlights related to credit reporting (Fair Credit Reporting Act) and deposit accounts (Regulations E and DD)
We review the following findings and discuss their compliance implications: FCRA violations based on obtaining credit reports without a permissible purpose, incorrectly reporting the date of first delinquency, failing to conduct reasonable dispute investigations; Reg. E violations based on waivers of consumers’ dispute rights, use of incorrect date to determine timeliness of error notices, providing…
This week’s podcast: CFPB exam findings related to short-term small-dollar lending in Summer 2020 Supervisory HIghlights
We review the CFPB’s findings that lenders engaged in deceptive practices and violated Regulation Z advertising requirements based on the following conduct and discuss the findings’ compliance implications: false representations about consumers’ ability to apply for loans online and the absence of credit checks; false threats in collection letters about lien placement, asset seizure, and…