In three separate meetings with the Consumer Financial Protection Bureau, the Community Bankers Association of Illinois has learned new details about the Bureau and has offered suggestions to diminish its impact on community banks.
Although everyone is entitled to a free copy of their credit report each year, only about 20 percent of eligible recipients actually obtain a copy. Also, the majority of the information in the typical credit report is provided by a small number of large banks.
Banks and non-banks have paid an aggregate $101.5 million in penalties and $435 million in restitutions to consumers since the Consumer Financial Protection Bureau’s inception in July 2011.
The City of Chicago and the Consumer Financial Protection Bureau will join forces to crack down on the city’s non-bank lenders.
The Consumer Financial Protection Bureau’s Ombudsman’s Office recently suggested a shortcoming of the Bureau’s policy to involve enforcement attorneys at every stage of supervisory examinations.