Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB exams find card mortgage credit bureau issues
WASHINGTON (11/2/12)--Consumer Financial Protection Bureau (CFPB) examinations over the past year have uncovered issues tied to consumer credit card approvals, credit reporting, and mortgage disclosures, the agency said in a recent report.

The CFPB report, released this week, addresses examinations undertaken July 21, 2011 and September 30, 2012.

In a release, the CFPB its examiners found mortgage providers in some cases did not provide their borrowers with clear and timely disclosures regarding the nature and costs of the real estate settlement process, such as through inaccurate Good Faith Estimates or HUD-1 forms. Some lenders also failed to accurately disclose interest rates, payment amounts, and payment schedules to their borrowers, the CFPB added.

Examiners also found that some financial institution employees lacked the training needed to fully comply with fair credit reporting requirements. This lack of training at times resulted in inaccurate information being forwarded on to credit reporting bureaus. Inaccurate information in a consumer's credit record may cause a consumer to pay more for credit than would otherwise be the case or be unjustifiably denied credit altogether, the CFPB noted.

The agency also released an appeals policy for the institutions it supervises, and an updated version of its own examination and supervision manual.

For the CFPB release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
17 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
18 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
20 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
22 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
22 hours ago