supervisory

Subscribe to supervisory

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016.  The report indicates that  supervisory resolutions resulted in restitution payments of approximately $6.1 million to more than 16,000 consumers and notes that “[r]ecent non-public resolutions were reached in several auto finance origination matters.” … Continue Reading

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto financing, debt collection, mortgage origination and servicing, student loan servicing, and fair lending.

On December 2, 2016, from 12 p.m.… Continue Reading

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt collection, mortgage origination, small-dollar lending, and fair lending.

The report states that recent non-public supervisory actions have resulted in restitution of approximately $24.5 million to more than 257,000 consumers. … Continue Reading

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt collection, mortgage origination, remittances, and student loan servicing.

The report states that recent non-public supervisory actions have resulted in restitution of approximately $14.3 million to more than 228,000 consumers. … Continue Reading

In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI).

The bulletin is intended to assist supervised entities in complying with the CFPB’s regulations governing the use and disclosure of CSI (12 CFR Part 1070).  In the bulletin, the CFPB reviews the definition of CSI, which includes: reports of examinations, inspections and visitations; any documents, including examination reports, prepared by, or on behalf of, or for the use of the CFPB or any other federal, state or foreign government agency in the exercise of supervisory authority over a financial institution; any communications between the CFPB and a supervised entity or a federal, state, or foreign government agency related to the CFPB’s supervision of the entity; any information provided to the CFPB by a supervised entity to enable the CFPB to monitor for consumer risk in the offering or provision of consumer financial products or services or to assess whether an entity is a covered person or subject to CFPB supervisory authority; and information that is exempt from disclosure under certain provisions of FOIA.… Continue Reading

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders.  The CFPB has authority to examine entities that qualify as “larger participants” under the final rules it adopted to supervise participants in the debt collection and consumer reporting markets and to examine payday lenders regardless of their size.… Continue Reading

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’).  The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights supervision work completed between July and October 2013. 

CFPB examiners (who numbered approximately 320 as of January 2, 2014) began using the new templates for exams with an on-site start date of January 2, 2014 or later. … Continue Reading

Although its new mortgage servicing rules are not effective until January 10, 2014, the CFPB seems to already be using those rules as guideposts in its examinations of servicers.  In its Summer 2013 Supervisory Highlights, which highlights supervision work completed between November 2012 and June 2013, the CFPB focuses on deficiencies in mortgage servicing at both banks and nonbanks. … Continue Reading