CFPB releases supervisory highlights
The CFPB Thursday published the 19th edition of its supervisory activities, conducted between December 2018 and March 2019, which provides insights into auto loan origination, credit card account management, debt collection, furnishing, and mortgage origination.
Among the comments made by the CFPB regarding auto loan origination, the bureau noted that it continues to examine these activities, including “assessing whether originators have engaged in any unfair, deceptive, or abusive acts or practices prohibited by the Consumer Financial Protection Act of 2010.”
Earlier this year, the bureau held a symposium focused on clarifying “abusive” under unfair, deceptive or abusive acts or practices (UDAAP). NAFCU has long advocated for the bureau to issue specific guidance on prohibited practices so financial institutions have more clarity on this issue, and has asked the bureau to provide guidance to clarify its UDAAP standard.
UDAAP violations related to threats of repossession or foreclosure in credit card collections and marketing regarding secured credit card accounts are further detailed in the supervisory report.
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