CFPB's Supervisory Manual: Priorities And Procedures
October 25, 2011, 12:24 PM EDT
Law360, New York (October 25, 2011, 12:24 PM EDT) -- On Oct. 13, 2011, the newly enacted Consumer Financial Protection Bureau (CFPB) adopted its first Supervision and Examination Manual, offering regulated financial institutions a first glimpse into how the agency will seek to carry out its mandate to implement and enforce “federal consumer financial law.” This article highlights points of importance to regulated companies as they prepare for the CFPB examination process.
The CFPB has adopted a risk-based approach to examinations, meaning that its goal is “to direct resources toward areas with higher degrees...
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