CFPB recovers $14M for consumers

The CFPB has announced that recent supervisory actions have resulted in $14 million in relief to more than 104,000 harmed consumers from January through June 2017. Findings in the Bureau's Summer 2017 Supervisory Highlights report include that some banks misled consumers about checking account fees or overdraft coverage, and some credit card companies deceived consumers about pay-by-phone fees. The report also found some auto lenders had wrongly repossessed consumers’ vehicles, and some debt collectors improperly communicated with consumers about debts. CFPB’s examiners also found some companies did not follow the Know Before You Owe mortgage rules and some servicers failed to follow steps required by the Bureau’s mortgage servicing rule to work with borrowers trying to avoid foreclosure.