The CFPB on Monday released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services, including unlawful auto repossessions and breakdowns in credit report disputes.
Overall, the report highlights findings from examinations of practices in the auto servicing, consumer reporting, credit cards, debt collection, deposits, mortgage origination, prepaid accounts and remittances markets.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, and credit unions with assets over $10 billion and their affiliates, as well as certain nonbanks, including mortgage companies, private student lenders, and payday lenders.
Supervisory examinations review whether companies are complying with federal consumer financial law, and when CFPB examiners uncover problems, they share their findings with companies to help them remediate the violations, according to the bureau.