CFPB Releases Supervision, Examination Guidance
October 24, 2011
October 25, 2011
The Consumer Financial Protection Bureau (CFPB) released a CFPB Supervision and Examination Manual on Oct. 13, 2011, to aid the agency’s examiners as they oversee financial services firms.
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 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 credit unions with $10 billion or less in assets, the CFPB has the right to accompany examiners on some examinations, to request examination reports, and to refer suspected credit union issues to the agency.
The CFPB said it would begin its examinations later this year. Click here to read a CFPB blog post on the examination manual.
Questions? Contact Compliance at 800.546.4465 or email@example.com.