The Consumer Financial Protection Bureau (CFPB) released a report with highlights of its supervisory activities conducted between December 2017 and May 2018.
In that period, the bureau focused on actions related to auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small business lending.
“The Bureau expects that the publication of Supervisory Highlights will continue to aid Bureau-supervised entities in their efforts to comply with federal consumer financial law. The report shares information regarding general supervisory and examination findings (without identifying specific institutions, except in the case of public enforcement actions), communicates operational changes to the program, and provides a convenient and easily accessible resource for information on the Bureau’s guidance documents,” the report stated.
The National Association of Federally Insured Credit Unions (NAFCU) has asked the bureau to exempt credit unions from any future rules that would require lenders to disclose small-business loan information. NAFCU said that it is unnecessary because credit unions are already subject to strict limits regarding member business lending.
The CFPB’s report also provides a summary of remedial actions, as well as recently issued rules and guidance. It also outlines some of the new HMDA requirements under the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).
The full report can be found at www.consumerfinance.gov.