CFPB highlights mortgage servicing problems and need for robust compliance management

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released it latest issue of Supervisory Highlights, which reviews the development of the bureau's supervision program and shares key findings from its supervisory activities in order to help the industry limit risks to consumers and comply with federal consumer financial laws. The report highlights examination work completed between November 2012 and June 2013. Some of the topics covered in the Supervisory Highlights include: the CFPB's expectations for compliance management systems; the risks faced by consumers in mortgage servicing at both bank and nonbank entities; and the provision of adverse notices under the fair lending laws.