Ballard Spahr attorneys Bo Ranney, Chris Willis, and Reid Herlihy discuss the significant substantive takeaways from the CFPB’s new report, the first edition of Supervisory Highlights issued under Acting Director Mick Mulvaney’s leadership. Bo, a former CFPB examiner, and Chris, who chairs Ballard’s Consumer Financial Services Litigation Group, discuss the CFPB’s findings regarding debt collection, payday loans, automobile servicing, and small business lending; identify issues on which the Bureau is likely to focus in future examination; and offer recommendations for addressing the operational concerns raised by the report. Reid, a partner in Ballard’s Mortgage Banking Group, discusses the high priority topics identified in the mortgage-related findings in the Bureau’s report; lessons that the mortgage industry can learn from the Bureau’s findings; and how the CFPB’s approach in the new report differs from its approach under prior leadership.
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