CFPB report flags auto servicing, consumer reporting issues

The CFPB today issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products. Among other things, examiners flagged issues related to auto servicing, consumer reporting, credit card account management, debt collection and mortgage origination.

Examiners flagged several issues related to auto servicing, including wrongful repossession, providing misleading information regarding final payment amounts after a deferral and overcharging for add-on products, including guaranteed asset protection products.

With regard to consumer reporting, the CFPB cited instances of furnishers’ failure to: conduct reasonable investigations of indirect disputes, report the results of direct dispute investigations to consumers, correct and update credit report information, and establish and implement reasonable policies and procedures concerning the accuracy and integrity of furnished information.