CFPB Releases New Supervisory Highlights
The Consumer Financial Protection Bureau (CFPB) released Issue 18, Winter 2019 of Supervisory Highlights. The 20-page document explains key findings from CFPB examinations in order to help financial institutions understand how the CFPB examines compliance with federal regulatory requirements. It also summarizes five public enforcement actions from the CFPB supervisory activities. The Winter 2019 edition covers areas such as deposits and auto and mortgage servicing. In terms of auto loan servicing, the CFPB found unfair acts practices involving collecting incorrectly calculated deficiency balances. For mortgage loan servicing, some servicers were charging late fees greater than amounts permitted by mortgage notes.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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