Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
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.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago