WASHINGTON–The CFPB is reporting that in the first six months with Kathleen Kraninger as its new director it assessed $22 million in civil money penalties against various entities charged with wrongdoing.
In making the announcement, the Bureau did not provide specific details regarding which parties were assessed fines, although CUToday.info has regularly reported some of those actions.
In a lengthy statement, the Bureau said during the last six months it has taken a long list of actions, although it doesn’t disclose specific monetary penalties or even indicate if there were any, as seen below.
Actions Taken
Instead, under the heading “Examined to Promote Compliance and Enforced the Law,” the CFPB said it:
- Took action against one of the 10 largest HMDA reporters for violating HMDA and Regulation C
- Took action against a mortgage servicer for violating the Consumer Financial Protection Act; RESPA; Regulation X; the Truth in Lending Act; and Regulation Z
- Filed a lawsuit against a debt collection firm for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act
- Filed a lawsuit against a credit repair company and several related entities alleging that they violated the Consumer Financial Protection Act and also the Telemarketing Sales Rule
- Took action against a student loan servicing company that engaged in unfair practices that violated the Consumer Financial Protection Act
- Took action against a company that violated the Consumer Financial Protection Act; the Gramm-Leach-Bliley Act; Regulation P; the Truth in Lending Act; and Regulation Z
- Took action against an online lender that extends unsecured payday and installment loans for violating the Consumer Financial Protection Act
- Took action against an individual who brokered contracts offering high-interest credit to veterans for violating the Consumer Financial Protection Act
- Took action against a company for violating the Consumer Financial Protection Act, the Truth in Lending Act; and Regulation Z
- Took action against a federally chartered savings association for violating the Consumer Financial Protection Act; the Electronic Fund Transfer Act; and Regulation E
- Sought to enhance protections for servicemembers
- Secured over $12 million in redress for consumers and $22 million in Civil Money Penalties
- Announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.
The Bureau also announced a long list of financial education steps it has taken, and said it has modernized, clarified and reduced the burden related to many of its rules.