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A report issued by the Federal Reserve System Office of the Inspector General asserts that the Consumer Financial Protection Bureau failed to properly secure sensitive data it gathered for regulation and in investigations.
The bureau has entered into a consent order with auto lender Security National Automotive Company for insufficient progress in complying with an earlier consent order over its treatment of servicemembers who fell behind on loan payments.
Data from a CFPB report shows that borrowers, taxpayers and student loan companies “would benefit from a clearer, more streamlined process to help previously defaulted borrowers succeed over the long term, and to ensure borrowers avoid default in the first place,” the bureau said.
The CFPB took action over alleged collection debts not legally owed, claiming they were offered under false pretenses which qualify as UDAAP violations.
The Consumer Financial Protection Bureau has issued the latest monthly report drawn from its online complaint database.
The Consumer Financial Protection Bureau is conducting an assessment of the mortgage servicing rules under the Real Estate Settlement Procedures Act.
The U.S. Court of Appeals for the District of Columbia handed down a ruling against a Civil Investigative Demand issued by the Consumer Financial Protection Bureau to the Accrediting Council for Independent Colleges and Schools.