WASHINGTON (3/11/16)--Findings from recent examinations in the areas of student loan servicing, remittances, mortgage origination, debt collection, and consumer reporting are among the top items in the latest supervisory highlights report from the Consumer Financial Protection Bureau (CFPB). The report covers bureau activities between September and December 2015.
During that period, the CFPB’s supervisory activities have either led to or supported three recent public enforcement actions, resulting in $52.75 million in consumer remediation and other payments and an additional $8.5 million in civil money penalties.
The bureau also imposed other corrective actions at these institutions, including requiring improved compliance management systems.
Recent supervisory resolutions have resulted in restitution of roughly $14.3 million to more than 228,000 consumers, according to the report.
Other corrective actions have included furnishing corrected information to consumer reporting agencies, improving training for employees to prevent various law violations, and establishing and maintaining required policies and procedures.
The report recaps recent developments to the bureau’s supervision program, such as the release of updated fair lending examination procedures and guidance documents in the areas of credit reporting, in-person debt collection, and preauthorized electronic fund transfers.