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CFPB releases supervision examination guidance
WASHINGTON (10/14/11)--The Consumer Financial Protection Bureau (CFPB) on Thursday released a CFPB Supervision and Examination Manual to aid the agency’s examiners as they oversee financial services firms. The CFPB in a release said the manual will help its examiners “determine if providers of consumer financial products and services are complying with consumer protection laws” and whether or not those providers “have adequate policies and procedures in place to comply with those laws.” The manual incorporates the existing examination procedures of many other financial agencies, covers aspects of the supervision and examination process, and includes general and specific examination procedures, the agency said. The CFPB has also added examination report templates to the manual. The Credit Union National Association (CUNA) noted the CFPB has supervision, examination and enforcement authority over federally-insured credit unions with total assets over $10 billion. Although the National Credit Union Administration (NCUA) and various state regulators will retain examination and enforcement authority over federal credit unions with $10 billion or less in assets, the CFPB has the right to accompany NCUA examiners on some examinations, to request examination reports, and to refer suspected credit union issues to the agency, CUNA added. The CFPB manual also contains guidelines to help examiners assess mortgage servicers’ policies and procedures and their compliance with applicable laws. The CFPB said it would begin its examinations later this year. For a CFPB blog post on the examination manual, use the resource link.
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