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US$24.5 Million Refunded to Consumers in the First Four Month of 2016 by CFPB

The Consumer Financial Protection Bureau (CFPB) announced that its supervisory actions in the first four months of the year uncovered illegal activities in auto finance and payments that led to approximately US$24.5 million in restitution to more than 257,000 consumers. The report also highlights issues CFPB examiners found through the agency’s examination of businesses in auto loan origination, debt collection, mortgage origination, and small-dollar lending.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has authority to supervise certain nonbanks, including mortgage companies, private student lenders, and payday lenders. To date, the Bureau has issued rules to supervise the larger participants in the markets of consumer reporting, consumer debt collection, student loan servicing, international money transfers, and auto finance. The CFPB often finds problems during supervisory examinations that are resolved without an enforcement action. Recent non-public supervisory actions resulted in restitution of about US$24.5 million to more than 257,000 consumers for auto finance and payments issues. Supervisory work in connection with debt sales also aided an enforcement action that returned nearly US$5 million to consumers and imposed US$3 million in civil money penalties.

News Characteristics

Date : Jun 30, 2016
Region : North America
Industry : Mortgage Companies
Function : Risk Management
Sub-Function : Fraud Management