CFPB Issues Report Highlighting Supervision Activities and Compliance Expectations

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The CFPB has issued a report highlighting its supervision activities.  The document does not refer to any specific institution, but according to the CFPB signals to all institutions the kinds of activities that should be carefully scrutinized for compliance with the law. The CFPB believes that the report will help providers of financial products and services better understand its supervisory expectations so that they can take action to comply with Federal consumer financial laws and serve their customers in a fair and transparent way.

For instance, the report notes “In the course of its supervisory activities, the CFPB has discovered numerous violations of Federal consumer financial law. In each case, it has directed the financial institution that committed violations to take corrective action. Where warranted, restitution or other relief to consumers has also been provided. As a result of CFPB supervisory activity, financial institutions have been directed to correct violations of a broad spectrum of Federal consumer financial laws and regulations. Examples of the types of violations detected through the CFPB’s review of financial institutions’ credit card, credit reporting, and mortgage origination activities are discussed [in the report]. In connection with these matters, the CFPB has confirmed that financial institutions have provided remedial relief to 1.4 million consumers, stopped illegal practices, adopted effective policies and procedures to ensure that violations do not recur, and implemented robust compliance management programs”.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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