The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision since the current rating system was adopted in 1980. The other FFIEC members are the Fed, FDIC, NCUA, OCC and State Liaison Committee. The FFIEC states
examinations
CFPB issues Fall 2015 supervisory report
In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer reporting, debt collection, student loan servicing, and mortgage origination and servicing. The report includes a discussion of targeted ECOA reviews and an announcement that the…
House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period
Yesterday, the following four CFPB-related bills were passed by the House Financial Services Committee:
- H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to go into effect on October 3, 2015. Although the CFPB recently delayed the effective
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CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, fair lending
In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, and fair lending. The report indicates that recent supervisory resolutions in the areas of mortgage…
OIGs issue report on coordination among CFPB and prudential regulators
The Offices of Inspector General for the Fed/CFPB, FDIC, Treasury and NCUA have issued a report setting forth the results of their review of the extent to which the CFPB and prudential regulators (FDIC, Fed, OCC and NCUA) were coordinating their supervisory activities and avoiding duplication of regulatory oversight responsibilities.
To assess the agencies’ efforts,…
CFPB speaks at PLI’s annual Consumer Financial Services Institute
Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City. The session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a Q&A between the moderator and a panel of practitioners and CFPB personnel.
The panelists…
CFPB issues revised mortgage servicing and origination exam procedures
The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became effective last Friday, January 10.
OIG provides update on CFPB projects
The updated work plan as of August 30, 2013 of the Office of Inspector General (OIG) for the Fed and CFPB describes various CFPB projects that are “in progress” or “planned.”
The projects listed as “work in progress” items include:
- Evaluation of the CFPB’s integration of enforcement attorneys into examinations. The CFPB’s practice of bringing
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CFPB and Conference of State Bank Supervisors sign framework for coordinating supervision and enforcement
The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters. The framework states that it is “intended to establish a process for coordinated federal/state consumer protection supervision and enforcement of entities providing…
The role of CFPB enforcement attorneys at exams: the picture is getting clearer
Remarks made by Ori Lev, the CFPB’s Deputy Enforcement Director for Litigation, at the ABA Consumer Financial Services Committee’s spring meeting last week further clarified the role of CFPB enforcement attorneys in CFPB exams. His remarks, coupled with comments made by another CFPB official at the Committee’s winter meeting, leave no doubt that the enforcement…