CFPB report finds credit reporting failures, junk fees, and mishandling of COVID-19 protections

The Consumer Financial Protection Bureau has released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act by failing to promptly address and update incorrect information on credit reports. The report also highlights instances where mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments.

The report is here.

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