On September 4, the CFPB released its summer 2020 Supervisory Highlights, which details its supervisory and enforcement actions into the regions of customer reporting, business collection agencies, deposits, reasonable financing, home loan servicing, and lending that is payday. The findings regarding the report, that are posted to help entities in complying with relevant customer regulations, address exams that generally speaking had been finished between September and December of 2019.

Shows associated with assessment findings consist of:

• Customer Reporting. The Bureau cited violations associated with FCRA’s requirement that loan providers first set up a permissible purpose before they obtain a customer credit history. Also, the report notes circumstances where furnishers neglected to review username and passwords along with other documents given by customers during direct and disputes that are indirect. The Bureau notes that “inadequate staffing and high dispute that is daily requirements contributed towards the furnishers’ failure to conduct reasonable investigations.”
• Business Collection Agencies. Read more