November 2011 Articles – CFPB Journal

Subcommittee wants CFPB spending report

House Republicans are keeping an eye on the money spent by the Consumer Financial Protection Bureau.

Four quarters to be considered when determining size

Confused about which regulator will enforce consumer compliance at your bank after a merger or acquisition? Well, don’t be.

Consumer groups keep adding to list

Consumer groups are adding more to their Consumer Financial Protection Bureau wish list.

Humphrey lays out approach for helping older Americans

Skip Humphrey, the head of the Office for Older Americans at the Consumer Financial Protection Bureau, described his approach to fighting growing abuses against senior citizens in his Nov. 15 testimony before the Senate Subcommittee on Financial Institutions and Consumer Protection.

Another new disclosure? Checking account form proposed

First, there was the new mortgage disclosure form. Next came the student loan “shopping form.”

CFPB official describes bureau’s approach to financial literacy, supervision

The Consumer Financial Protection Bureau will have a significant financial education component, in addition to its supervisory and enforcement responsibilities, said Barton Shapiro, senior advisor for community banks and credit unions with the CFPB. Barton spoke to bankers Nov. 3 gathered in Lincoln, Neb., for the annual meeting of the Nebraska Independent Community Bankers.

CFPB is ‘source of concern,’ community banker testifies

A House Financial Services subcommittee field hearing held Oct. 31 in Wausau, Wis. – home to Rep. Sean Duffy (R-Wis.) – gave community bankers the chance to express their views on the Consumer Financial Protection Bureau.

Obama continues push for Cordray confirmation

The Obama administration is turning on the pressure to get Rich Cordray confirmed as director of the Consumer Financial Protection Bureau.

CFPB reports on first 100 days

In its first 100 days, the Consumer Financial Protection Bureau has staffed up, studied up and started up a few key initiatives.

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.