The latest CFPB Supervisory Highlights report details the Bureau’s concerns regarding student loan lenders. The report, which is the fifth edition of Supervisory Highlights, generally covers supervisory activities between March and June 2014. In it, the CFPB notes that its examiners found the following concerns when reviewing practices of student…
Synchrony Bank (formerly known as GE Capital Retail Bank) made two direct mail offers to its credit card holders, but it did not send the offers to Spanish-speaking customers. The Bank self-reported its actions, resulting in consent orders with the Consumer Financial Protection Bureau and the Department of Justice, which…
The Federal Trade Commission (FTC) recently announced a $5.5 million monetary and injunctive settlement with auto lender Consumer Portfolio Services, Inc. (CPS) concerning allegations that the company used illegal tactics in servicing and collecting consumers’ auto loans, and failed to adopt proper quality controls, in violation of Section 5 of…