CFPB Supervision Report Highlights Risky Nonbank Lending
The Consumer Financial Protection Bureau has issued a report highlighting illegal actions by payday lenders, debt collection companies and consumer reporting agencies. CFPB examiners found instances of payday lenders deceiving consumers and illegally harassing borrowers to collect debts. The report also criticized debt collection agencies often used by those lenders, claiming the agencies misled consumers about litigation, made excessive calls to consumers and failed to investigate credit report disputes. CFPB examiners found that certain consumer reporting agencies were not handling consumer credit report dispute documents properly.