- Local Payday Loans
The CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders in its Spring 2014 Supervisory Highlights report issued yesterday.
The report covers direction work finished by the CFPB between November 2013 and February 2014. The CFPB stated that in 2013, it conducted over 100 supervisory activities such as full scope reviews and subsequent follow-up examinations and plans to conduct about 150 of such activities in 2014 in the report. In addition noted that its вЂњrecent supervisory tasksвЂќ (including exams of banks and non-bank entities) have actually led to significantly more than $70 million in remediation to around 775,000 consumers. In line with the report, these non-public actions have actually happened in areas such as for example deposits, consumer reporting, charge cards, home loan origination, and mortgage servicing.
The report comes with a conversation regarding the fair lending risks that arise when a loan provider makes exceptions to its credit requirements, noting that CFPB examiners had observed circumstances вЂњin which banking institutions lack sufficient policies and procedures for handling such risks.вЂќ Into the report, the CFPB discussed the appropriate fair financing components of a вЂњstrongвЂќ conformity management system (CMS) and commented that its guidelines вЂњwill help lenders in mitigating fair lending danger when coming up with exceptions to credit criteria while additionally furthering the purposes of Regulation B to advertise the option of credit.вЂќ