CFPB Creates Repeat Offender Unit

In an effort to clamp down on repeat offenders, the Consumer Financial Protection Bureau created a Repeat Offender Unit focused on enhancing the detection of offenses that are happening on a recurring basis. The bureau is developing a process for rapid review and response mechanism designed to address the root cause of violations and also recommending corrective actions to stop the behavior.

The bureau also released a report highlighting the failure of consumer reporting companies and data furnishers to promptly address and update incorrect information on credit reports, which is a violation of the Fair Credit Reporting Act.

"The CFPB's supervision efforts limit the spread of potentially unlawful practices and consumer harm," CFPB Director Rohit Chopra said in a press release.