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Category Archives: CFPB Exams

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CFPB issues bulletin on incentive programs; Ballard Spahr to conduct Dec. 14 webinar

Posted in CFPB Enforcement, CFPB Exams

The CFPB has issued a new compliance bulletin (2016-03) on incentive programs.  The issuance of the bulletin reflects the CFPB’s increased focus on such programs. To assist clients in preparing for greater regulatory scrutiny, Ballard Spahr attorneys will conduct a webinar on December 14, 2016, from 12 p.m. to 1 p.m. ET: “Controlling Employee Conduct:… More >

FFIEC finalizes revisions to consumer compliance rating system

Posted in CFPB Exams

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).  The revisions 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… More >

CFPB issues Fall 2016 Supervisory Highlights; Ballard to hold Dec. 2 webinar

Posted in Auto Finance, CFPB Exams, Credit Reports, Debt Collection, Fair Lending, Mortgages

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto financing, debt collection, mortgage origination and servicing, student loan servicing, and fair lending. On December 2, 2016, from 12 p.m. to 1 p.m ET,… More >

CFPB issues Summer 2016 Supervisory Highlights

Posted in CFPB Exams

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt collection, mortgage origination, small-dollar lending, and fair lending. The report states that recent non-public supervisory actions have resulted in restitution of approximately $24.5 million to more… More >

FFIEC proposes new rating system

Posted in CFPB Exams

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… More >

CFPB issues Winter 2016 supervisory report

Posted in CFPB Exams

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt collection, mortgage origination, remittances, and student loan servicing. The report states that recent non-public supervisory actions have resulted in restitution of approximately $14.3 million to more… More >

CFPB outlines exam priorities for 2016

Posted in CFPB Exams, CFPB General, Mortgages, TILA / RESPA

The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated Disclosures (TRID) rule, and marketing service agreements. Speaking at the California MBA Legal Issues Conference, Calvin Hagins indicated that CFPB examiners will spend a substantial amount of… More >

CFPB Revises Supervisory Appeals Process

Posted in CFPB Enforcement, CFPB Exams, CFPB General

As we wrote last week, the CFPB recently published a Fall 2015 Supervisory Highlights which included a summary of changes that have been made to the CFPB’s supervisory appeals process. The original supervisory appeal process was published three years ago in CFPB Bulletin 2012-07. The revised supervisory appeals process incorporates a number of changes. (Note… More >

CFPB issues Fall 2015 supervisory report

Posted in CFPB Enforcement, CFPB Exams

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 CFPB has… More >

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Posted in Auto Finance, CFPB Exams, Mortgages

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 date of… More >

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 >