WASHINGTON—What were the CFPB's top enforcement actions and examination findings for 2016 and 2017 related to the Truth in Lending Act (TILA), Electronic Fund Transfer Act (EFTA), and Credit Card Accountability Responsibility and Disclosure Act (Credit CARD Act)?
NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar provided the details as outlined in the agency's annual report.
TILA
Aguilar highlighted that, "in 2016 and 2017, five federal agencies filed public enforcement actions for violations of TILA," while the NCUA did not file any public enforcement actions in that time period. She also noted that the most common violation cited in exams in 2016 was "failure to accurately disclose the finance charge, including a brief description such as "the dollar amount the credit will cost you" for closed-end credit (12 CFR § 1026.18(d))."
EFTA
Aguilar also addressed public enforcement actions for EFTA violations and outlined common violations that occurred in 2016 and 2017.
"All actions in 2016 resulted in reimbursements to approximately 164,677 consumers of $3.1 million by 10 institutions," stated Aguilar. "All actions in 2017, resulted in reimbursements to approximately 1,156 consumers of $140,157 by 17 institutions."
Credit CARD Act
Aguilar noted that the CFPB's report did not include information on the common examination findings related to the Credit CARD Act, but lists the public enforcement actions taken by the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency.