In early September, 2020, the CFPB released the Summer 2020 edition of their publication, Supervisory Highlights. This twice-a-year publication outlines the priorities of the CFPB and this specific issue includes findings from the CFPB from the period of September 2019 to December 2019. Topics included in this publication include:
Consumer reporting
Prohibition against using or obtaining consumer reports without a permissible purpose
Furnisher duty to provide notice of delinquency of accounts
Duty to conduct reasonable investigation of disputes
Debt collection
False litigation threats and misrepresentations regarding litigation
False implication that debt could be reported to CRCs
False representation that debt collector is a CRC
Deposits
Waivers of consumers’ error resolution and stop payment rights and financial institutions’ liability
Reliance on incorrect date to assess timeliness of EFT error notice
Violation of error results notice requirements
Failure to fulfill advertised bonus offer
Fair lending
Redlining
Failure to consider public assistance income
Mortgage servicing
Failure to provide consumers in bankruptcy with periodic statements
Failure to have a reasonable basis for charging borrowers for force-placed insurance
Failure to timely refund all force-placed insurance charges for overlapping coverage
Permitted repayment options in annual escrow statements
Violations after servicing transfers
Failure to provide loan ownership transfer disclosures
Payday lending
Misleading representations about the ability to apply for a loan online
False representation that no credit check will be conducted
False threats of lien placement or asset seizure
False threats of being subject to late payment fee
Failure to make triggering disclosures in payday loan advertisements
Not actually prepared to offer advertised loan term
In addition to these findings, the publication also provided a list of COVID-19 related publications - as well as non-COVID related guidance - released during the first part of 2020. The publication then concluded with a list of public enforcement actions taken by the CFPB.