CFPB Issued $124M in Remediation over Mortgage Servicing

Originally published on July 6, 2021, for the Mortgage Bankers Association.

The Consumer Financial Protection Bureau this week issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more than $124 million in consumer remediation and civil money penalties.

The report focuses on three main areas: mortgage foreclosures; credit “redlining” and use of “unreliable furnishers” of consumer data; and student loan servicing. The report focuses on financial institutions under the Bureau’s supervisory authority under the Dodd-Frank Act.

Read More