The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices.
The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
State attorneys general could be leading the conversation on enforcement of consumer financial protection laws moving forward, according to compliance attorneys.
The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
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