Observations on the CFPB Supervision and Examination Manual

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.

CFPB drafts financial aid shopping sheet

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.”

Single director vs. commission argument continues

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.

Expert outlines ways to prevent UDAAP problems

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.

CFPB introduces examination manual

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.

Expert says UDAAP is key concern

Jo Ann Barefoot is co-chair of Treliant Risk Advisors and a former Deputy Comptroller of the Currency. She recently took a few moments to answer these questions for CFPB Journal.

What Raj Date had to say on ‘the need for the CFPB’

On Sept. 15, the Consumer Financial Protection Bureau’s Raj Date delivered his first public speech in his role with the agency, titled Lessons Learned from the Financial Crisis: The Need for the CFPB at the National Constitution Center in Philadelphia.

More articles: