In This Issue:

- Introduction

- Supervisory observations

..Consumer reporting

..Debt Collection

..Deposits

..Mortgage servicing

..Student loan servicing

..Fair Lending: CFPB’s HMDA resubmission schedule & guidelines

..Remedial actions

- Supervision program developments

..Recent CFPB guidance

..Other developments

- Conclusion

- Excerpt from Introduction:

As the Bureau’s supervision program enters its fourth year, Supervision continues to conduct examinations of bank and nonbank providers of consumer financial products and services under the Bureau’s jurisdiction. In this sixth edition of Supervisory Highlights, the CFPB shares recent supervisory observations, such as regulatory violations or unfair, deceptive, or abusive acts or practices (UDAAPs) in the areas of consumer reporting, debt collection, deposits, mortgage servicing, and student loan servicing. This edition also includes updated supervisory guidance about Home Mortgage Disclosure Act (HMDA) reporting. The findings reported here reflect information obtained by Supervision at the time of issuance of an examination report or supervisory letter.

CFPB supervisory work contributed to recent enforcement actions against GE Capital Retail Bank, ACE Cash Express, U.S. Bank, Flagstar Bank, and M&T Bank resulting in relief of approximately $308 million to more than 1.2 million consumers for illegal practices related to credit cards, payday loans, mortgage servicing, and checking accounts. In addition to these public enforcement actions, Supervision continues to resolve violations using non-public supervisory actions, sometimes including those initiated by entities self-reporting violations to Supervision staff. When Supervision examinations determine violations occurred, supervised entities are directed to implement appropriate corrective measures, including remediation to consumers as appropriate.

Originally published in CFPB Supervision on November 22, 2014.