The Consumer Financial Protection Bureau ("CFPB") reported supervisory examination findings on (i) automobile loan servicing, (ii) deposits, (iii) mortgage servicing, and (iv) remittances completed between June 2018 and November 2018.
In its periodic publication, Supervisory Highlights, the CFPB reported, among other things, that:
- servicer attempts to collect "miscalculated deficiency balances" were not fair;
- one or more institutions engaged in deceptive representations about bill-pay debited dates;
- servicers charged consumers higher late fees than the amount permitted by mortgage notes; and
- more than one supervised entity violated the error resolution provisions of the Remittance Rule by neglecting to refund fees to consumers.
The CFPB added that the report shares information with respect to general supervisory and examination findings, communicates operational changes to the program, and supplies a "convenient and easily accessible resource for information on the Bureau's guidance documents."
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