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CFPB Issues COVID-19 Special Edition Supervisory Highlights

  • Written by Steel Rose

As for consumer reporting agencies and furnishers, the CFPB noted that these entities faced challenges in implementing CARES Act amendments to FCRA, which created certain obligations regarding accommodations. Consumer risks included inaccurate reporting of accommodations based on the furnisher’s own delays in processing the volume of accommodations made, insufficient furnishing policies and procedures, and delayed dispute investigations.

In the area of debt collection, the CFPB observed, among other things, that some entities reported increases in consumer contacts and payments, which may have been attributable to more consumers being at home, reduced spending, and pandemic-related assistance. Consumer risks included delays in processing suspensions of administrative wage garnishments, potential FDCPA compliance risks associated with new bank attachments or wage garnishments, and delays in payment processing.  To read more click here