On July 2, 2024, the Consumer Financial Protection Bureau ("CFPB") issued its Summer 2024 Supervisory Highlights. The Supervisory Highlights include some of the CFPB's findings from recent examinations of various financial institutions between April 1 – December 31, 2023. CFPB examiners found, inter alia, that some student and auto loan servicers did not provide proper notice to autopay-enrolled borrowers who were required to make final payments manually. CFPB examiners also found that certain debt collectors violated disclosure requirements, failed to provide requisite notices, and contacted borrowers at "inconvenient or unusual times or places." Additionally, the examiners identified a number of consumer complaints regarding healthcare providers allegedly engaging in deceptive practices in connection with the promotion and sale of medical credit cards to consumers. The Supervisory Highlights clearly signal that the CFPB intends to continue its examination efforts to gather more information regarding Consumer Financial Protection Act compliance across various industries. Thus, financial institutions doing business in the above industries should continue to ensure compliance with federal regulations and guidelines to mitigate the risk of future examinations and enforcement actions.
Associate Louis Bayles also contributed to this article.
This article is presented for informational purposes only and is not intended to constitute legal advice.