The Consumer Financial Protection Bureau said Thursday that it paid $24.5 million in restitution to consumers after uncovering illegal activities in auto finance and payment firms in the first four months of this year.
In a
The report does not identify any companies, but is used to help institutions under the CFPB’s supervision better understand the agency’s thinking.
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Mortgage servicers have failed to make significant investments in technology and compliance systems, resulting in substantial harm to consumers, according to a report issued Wednesday by the Consumer Financial Protection Bureau.
June 22 -
The Consumer Financial Protection Bureau has struggled internally with how to end potential discrimination in auto lending, including debating whether it should cite a large lender in the hopes of effectively ending the ability of partnering dealers to mark up loans with all lenders.
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Honda, Toyota and Nissan's financing arms are poised to agree to limit discretionary pricing for dealers after regulators accused them of allowing partners to mark up loans at higher rates to minorities, according to confidential documents.
June 30
The CFPB uncovered failures in disclosing the interest to consumers on interest-only loans, and in providing so-called “adverse action” notices to consumers. One debt seller improperly sold thousands of dollars of accounts that were either in bankruptcy, had debts that were fraudulent or accounts that had already been settled.
Debt collectors were found to have misled consumers about debt repayment options. And at least one financial firm illegally required consumers to use affiliated providers of tax services and flood determination services.
“This report highlights our ongoing work to address violations of the law and slipshod practices that endanger consumers,” CFPB Director Richard Cordray said in a press release. “The Bureau’s supervisors continue to perform more and better oversight of these financial markets, and their report gives the industry an opportunity to reflect on their practices before consumers are made to suffer harm.”
The bureau said its supervisory work in connection with debt sales helped with an enforcement action in February against