WASHINGTON (11/2/12)--Consumer Financial Protection Bureau (CFPB) examinations over the past year have uncovered issues tied to consumer credit card approvals, credit reporting, and mortgage disclosures, the agency said in a recent report.
The CFPB report, released this week, addresses examinations undertaken July 21, 2011 and September 30, 2012.
In a release, the CFPB its examiners found mortgage providers in some cases did not provide their borrowers with clear and timely disclosures regarding the nature and costs of the real estate settlement process, such as through inaccurate Good Faith Estimates or HUD-1 forms. Some lenders also failed to accurately disclose interest rates, payment amounts, and payment schedules to their borrowers, the CFPB added.
Examiners also found that some financial institution employees lacked the training needed to fully comply with fair credit reporting requirements. This lack of training at times resulted in inaccurate information being forwarded on to credit reporting bureaus. Inaccurate information in a consumer's credit record may cause a consumer to pay more for credit than would otherwise be the case or be unjustifiably denied credit altogether, the CFPB noted.
The agency also released an appeals policy for the institutions it supervises, and an updated version of its own examination and supervision manual.
For the CFPB release, use the resource link.