In its first 100 days, the Consumer Financial Protection Bureau has staffed up, studied up and started up a few key initiatives.
On the evening of October 26 Raj Date, Special Advisor to the Secretary of the Treasury for the CFPB, visited Minneapolis for one in a series of town hall meetings. The CFPB website had advertized for the events saying, “We’re on a mission. We’re criss-crossing the country to hear from consumers about their experiences with financial products and services.”
The Consumer Financial Protection Bureau (“CFPB”) has issued its initial CFPB Supervision and Examination Manual (Version 1.0). According to the Bureau, the Manual is a guide to how the CFPB will supervise and examine consumer financial service providers that fall within the CFPB’s supervisory authority – depository institutions with more than $10 billion in assets and their affiliates, and nondepository entities. At first blush, the Manual seems familiar and comparable to the examination manuals and procedures currently followed by the Federal banking agencies. Indeed, the introduction pages to the Manual expressly incorporate examination procedures developed under the Federal Financial Institutions Examination Council (“FFIEC”), and the CFPB Manual states that the Bureau will use the FFIEC’s Uniform Consumer Compliance Rating System. However, upon further review, there are significant differences.
The “complex and confusing process of taking out student loans” and the resulting serious financial hardship caused by student loan debt have prompted the Consumer Financial Protection Bureau to draft a one-page “financial aid shopping sheet.”
In the nearly two months since members of Congress held a confirmation hearing for nominee Rich Cordray, little has changed in the debate over appointing a director of the Consumer Financial Protection Bureau.
Hubert H. “Skip” Humphrey III, the former attorney general of Minnesota, has been chosen to lead the Office of Older Americans within the Consumer Financial Protection Bureau.
A hot topic among bankers and bank regulators lately has been UDAAP – Unfair, Deceptive or Abusive Acts or Practices. To gain insight into what more stringent UDAAP requirements might mean in the future for community banks, CFPB Journal interviewed Jo Ann Barefoot, co-chair of Treliant Risk Advisors.
On Oct. 13, the Consumer Financial Protection Bureau released its first Supervision and Examination Manual, the guide that CFPB examiners will use in exams with 111 banks, thrifts and credit unions with total assets over $10 billion.
Richard Cordray, President Obama’s nominee for director of the Consumer Financial Protection Bureau, cleared the first hurdle on Oct. 6 as the Senate Banking Committee voted along partisan lines to approve his nomination.
In two recent interviews, CFPB Journal spoke with Jo Ann Barefoot, co-chair of Treliant Risk Advisors and former Deputy Comptroller of the Currency.