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Consumer Financial Protection Bureau Identifies Credit Reporting Violations

Today, the CFPB released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details these key findings across consumer financial products and services:

  • Consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act (FCRA) by failing to promptly address and update incorrect information on credit reports.
  • Mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments.
  • Auto loan servicers engaged in unfair and deceptive acts or practices related to add-on product charges, loan modifications, double billing, electronic devices that interfere with driving, and debt collection tactics.
  • Financial institutions’ policies and procedures may have resulted in consumers losing their COVID-19 pandemic relief benefits due to garnishments or setoff practices.

If you are experiencing any of the above, contact Pine Street Legal for a free consolation at 215-345-9214 or nkanter@pinestreetlegal.com.