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The Consumer Financial Protection Bureau said that its recent examinations revealed unfair, deceptive, or abusive acts at companies servicing auto loan and student loans; Fair Debt Collection Practices Act violations by debt collectors; and issues with medical payment products.
Details: According to CFPB's latest Supervisory Highlights, the agency found:
Auto loan servicers mishandled consumers’ final loan payments.
Student loan servicers created excessive barriers to assistance, provided inaccurate information about benefit forms, and failed to notify consumers about funds transfers.
Debt collectors violated disclosure requirements and misled borrowers.
Consumer complaints about medical credit cards.
Unfair practices in how some institutions communicated with consumers about account freezes.
More: The CFPB also assessed industry compliance with Section 1034(c) of the Consumer Financial Protection Act, which prohibits large banks and credit unions from creating unreasonable barriers, such as excessive fees, for customers seeking basic account information.
Recent Action: The CFPB last month issued a proposed rule that would stop credit reporting companies from sharing medical debts with lenders and prohibit lenders from making lending decisions based on medical information. ICBA—which opposes efforts that limit the value of credit scores—last week requested a 30-day extension of the comment period.