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Category Archives: CFPB Exams

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CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, fair lending

Posted in CFPB Exams

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 origination,… More >

OIGs issue report on coordination among CFPB and prudential regulators

Posted in CFPB Exams

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,… More >

CFPB speaks (again) at PLI’s Annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in Chicago. As was the case during the New York City version which took place on April 6, the session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a… More >

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

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… More >

CFPB revises TILA, RESPA exam procedures to incorporate integrated disclosures rule

Posted in CFPB Exams, Hot Issues, TILA / RESPA

The CFPB has revised the chapters of its Supervision and Examination Manual specific to TILA and RESPA, incorporating the TILA/RESPA integrated disclosures (TRID) requirements that are set to take effect on August 1, 2015.  These chapters replace versions of the TILA and RESPA procedures released on November 27, 2013. As is the case for most… More >

Director Cordray speaks to the National Association of Attorneys General

Posted in CFPB Exams, CFPB Rulemaking

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General.  His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers in the financial services marketplace–deceptive marketing, debt traps, dead ends, and discrimination. Director Cordray’s remarks included the following noteworthy… More >

Supervisory or enforcement action: Deputy Director Antonakes explains how the CFPB decides

Posted in CFPB Enforcement, CFPB Exams

In his prepared remarks for an appearance last week at the Exchequer Club, CFPB Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision.  (The Exchequer Club’s members include senior professionals from trade associations, federal regulatory agencies, law firms, congressional committees and national press.) Mr. Antonakes commented on why “the traditional approach to supervision… More >

CFPB issues compliance bulletin on treatment of confidential supervisory information

Posted in CFPB Exams

In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI). The bulletin is intended to assist supervised entities in complying with the CFPB’s regulations governing the use and disclosure of CSI (12 CFR Part 1070).  In the bulletin, the CFPB… More >

Former CFPB examiner-in-charge Bo Ranney joins Ballard Spahr and will share his insights in a Dec. 9 webinar

Posted in CFPB Exams

I am pleased to introduce my new colleague Bo Ranney to our blog readers.  Bo joins Ballard Spahr’s Consumer Financial Services Group after having spent three years at the CFPB.  I expect Bo to be a valuable resource to our clients, particularly in preparing for CFPB exams and in dealing with CFPB examiners during the… More >

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and consumer reporting

Posted in CFPB Exams, Credit Reports, Debt Collection, Electronic Payments, Mortgages, Student Loans

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the CFPB in debt collection, electronic fund transfers and consumer reporting. The report covers supervision work completed by the CFPB between March 2014… More >

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

Posted in CFPB Enforcement, CFPB Exams, CFPB General, Student Loans

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints.  Before turning to the substance of those complaints, and the conclusions drawn by the Ombudsman, we think it important to put… More >

CFPB releases report on fair credit exams and white paper on proxy methodology

Posted in Auto Finance, CFPB Exams, Fair Credit

Along with its proposed larger participant rule for the auto financing market, the CFPB recently issued a special edition of Supervisory Highlights (“report”) describing its fair credit supervisory activity in what it characterizes as “the indirect automobile lending market.” The report indicates that CFPB supervisory examination teams have been conducting targeted Equal Credit Opportunity Act… More >

CFPB Proposes Rule to Supervise Nonbank Auto Finance Companies

Posted in CFPB Exams

The CFPB has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.”  Comments on the proposal will be due 60 days after its publication in the Federal Register. The proposal is based on the CFPB’s authority to supervise nonbank entities considered to be “a larger participant… More >

CFPB finalizes rule to supervise larger participant international money transfer providers

Posted in CFPB Exams, Remittance Transfers

The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers.  The… More >

Senators introduce bill to increase “large bank” asset threshold for CFPB supervision

Posted in CFPB Exams

A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision. The current threshold is total assets of more than $10 billion.  Entitled the “Consumer Financial Protection Bureau Examination and Reporting Threshold Act of… More >

CFPB highlights unlawful practices by consumer reporting agencies, debt collectors and payday lenders

Posted in CFPB Exams, Credit Reports, Debt Collection, Fair Lending, Payday Lending

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders.  The CFPB has authority to examine entities that qualify as “larger participants” under the final rules it adopted to supervise participants in the debt collection and… More >

OIG finds CFPB’s supervision program needs improvement

Posted in CFPB Exams

Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities.”  The report is based on data in the CFPB’s Supervisory… More >

CFPB official confirms larger participant rule for auto finance coming soon

Posted in Arbitration, Auto Finance, CFPB Exams

Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD.  I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank.  Based on the CFPB’s December 12, 2013 partial release of data, I have predicted that the CFPB will, at a minimum,… More >

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Posted in CFPB Enforcement, CFPB Exams, Mortgages

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’).  The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights supervision work completed between July and October 2013.  CFPB examiners (who numbered approximately 320 as of January 2, 2014) began using the new templates for… More >

CFPB issues proposal to supervise “larger participant” international money transfer providers

Posted in CFPB Exams, Remittance Transfers

We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market.  Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  The proposal is based on the… More >

OIG issues report criticizing CFPB’s practice of bringing enforcement attorneys to exams

Posted in CFPB Enforcement, CFPB Exams

Effective this past November 1, the CFPB ended its controversial practice of having enforcement attorneys regularly participate in examinations of supervised entities.  Since first learning of the CFPB’s practice, we had expressed our deep concern about the practice’s inhibiting effect on free and open communications between the CFPB and supervised entities and urged the CFPB… More >

CFPB revises student loan examination procedures

Posted in CFPB Exams, Student Loans

In conjunction with issuing its final “larger participant” rule for student loan servicers last week, the CFPB also revised its education loan examination procedures.  The revisions are intended to provide more extensive guidance for examiners to follow when examining student loan servicing by entities subject to the CFPB’s supervisory authority, whether banks or private student… More >