Section 1025 of Dodd-Frank gives the CFPB exclusive authority to examine insured banks, savings associations, and credit unions with total assets of more than $10 billion and their affiliates (“Large Institutions”) for compliance with federal consumer financial laws and primary authority to enforce those laws. For smaller institutions ($10 billion or less) and their affiliates, Section 1026 keeps examination and enforcement authority with the prudential regulators—the OCC, the Fed, the FDIC, and the NCUA.… Continue Reading