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From Banking and Finance Law Daily, February 14, 2018

CFPB wants information on supervision process efficiency, effectiveness

By Richard A. Roth, J.D.

The Consumer Financial Protection Bureau is calling for information on its supervision program, which includes supervisory examinations, pre-exam information requests, its supervision and exam manual, and post-exam communications. This request for information is the fourth in a series of planned RFIs, according to the CFPB’s press release.

According to the notice, supervisory activities are essential to fulfilling the Bureau’s statutory mission. On the other hand, they can impose burdens on supervised companies. The CFPB supervises banks, thrifts, and credit unions with more than $10 billion in total assets, as well as those companies’ affiliates. It also supervises a few nondepository financial institutions, such as mortgage companies and payday lenders, and larger participants in businesses such as consumer reporting and debt collection.

Specific topics. The notice offers a non-exhaustive list of supervisory processes on which the Bureau wants information:

  • the timing, frequency, and scope of exams;
  • how and when the Bureau collects information from a company to prepare for an exam;
  • what type of information, and how much information, is requested;
  • the usefulness of the Bureau’s supervision manual and the "Supervisory Highlights" publications;
  • how well the CFPB communicates with an institution about an exam, and if it finds a violation;
  • the appeals process; and
  • how well the Bureau coordinates its exams with those of other federal and state agencies.

Future RFIs. The Bureau also has produced a list of the RFIs it plans for the near future. These include RFIs on:

  • external engagement;
  • complaint reporting;
  • rulemaking;
  • rules not subject to reassessment under 12 U.S.C. §5512(d);
  • rules inherited from other regulatory agencies;
  • guidance and implementation support;
  • consumer education;
  • consumer inquiries; and
  • data policies.

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