Financial Protection

Report: CFPB brings violations to light, spurs fixes in marketplace

The Consumer Financial Protection Bureau (CFPB) continues to demonstrate that its return on investment for consumers is priceless.

Stefan Schweihofer |

Today the Consumer Financial Protection Bureau (CFPB) released its new Supervisory Highlights report, recapping its examinations of financial companies for compliance with consumer protection laws during the first half of 2022.

The CFPB’s examinations bring to light problems in the marketplace, nip problems in the bud, and result in companies fixing many of those problems and preventing them in the future.

As CFPB Director Rohit Chopra put it:

“The CFPB’s supervision efforts limit the spread of potentially unlawful practices and consumer harm. The CFPB’s examination program continues to identify problematic practices and stop them before they spread.”

Fixes made by companies in response to the CFPB bringing violations to light this year include:

  • Furnishers of credit reporting data have corrected information they knew was inaccurate. Data furnishers are also developing written policies and procedures to ensure accurate information and fair dispute processes.
  • Credit bureaus improved procedures for handling complaints.
  • Creditors agreed to fix problems related to billing error resolution and rate increases.
  • Mortgage servicers returned undisclosed fees for payment by phone and are compensating consumers for illegal fees charged for forbearance during the COVID-19 pandemic.

It can’t be said enough: the CFPB’s return on investment for consumers is priceless.

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