The Consumer Financial Protection Bureau put out its first issue of "Supervisory Highlights," which provides an overview of issues that have emerged in examinations by the agency.
"Inaccurate 'good-faith estimates' in mortgage disclosures, credit limits raised without full consent of some consumers and bank employees not trained to deal with credit reporting standards," were among the problems the agency has encountered, writes American Banker’s Kate Davidson.
The publication is not a rulemaking and does not name specific institutions. The issue with raising credit limits involved cases where the issuer did not gain consent of the co-signers.
"The CFPB believes that Supervisory Highlights will help providers of financial products and services better understand the CFPB's supervisory expectations so that they can take action to comply with Federal consumer financial laws and serve their customers in a fair and transparent way," said the executive summary of the report.
For the full piece see "
