CFPB exams find loan servicing failures, illegal debt collection practices and issues with medical payment products

The Consumer Financial Protection Bureau (CFPB) has published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account funds.

“Loan servicers and debt collectors harm borrowers when they fail to provide required information, create barriers to customer assistance, or harass people about their debts,” said CFPB Director Rohit Chopra. “The CFPB is working to ensure servicers, debt collectors, and other financial service providers follow the law to protect consumers.”

To read the full release from the CFPB, please click here.