March 8, 2016

The CFPB’s supervisory examinations of banks and nonbanks in the last months of 2015  resulted in the remediation of $14.3 million to approximately 228,000 consumers.  Under the Dodd-Frank Act, the CFPB supervises banks and credit unions with more than $10 billion in assets and certain nonbanks, including, among others, mortgage companies, private student loan lenders, and payday lenders.  In their exams, the Bureau found violations in the student loan market, including illegal automatic defaults by student loan servicers and illegal garnishment threats by debt collectors performing services for the DOE. Examiners also found instances of international money transfer companies violating the CFPB’s new remittance rule, banks providing inaccurate information to credit reporting companies about customer checking accounts, and debt collectors illegally contacting consumers. CFPB