CFPB’s Release Highlights “Unlawful Auto Repossessions” and Failures to Conduct Reasonable Investigations on Disputed Debts
The Consumer Financial Protection Bureau (CFPB) issued a release on May 2, 2022, announcing the release of its Supervisory Highlights outlining identified consumer protection violations during the second half of 2021. In particular, the CFPB highlighted two industries of concern in its press release: auto servicers and credit reporting companies.
As for auto servicers, the CFPB noted the issues related to repossessions and the impact on the consumer. The CFPB focused on the consumer’s loss…