CFPB Exams Are Plaguing Banks, US Chamber Says

Law360, New York (February 15, 2013, 8:31 PM EST) -- The U.S. Chamber of Commerce said Friday that the Consumer Financial Protection Bureau's examination process suffered from a lack of clarity and quality that was making it difficult for companies to exist under.

In a letter, the Chamber's Center for Capital Markets Competitiveness outlined a host of alleged issues, including varying levels of experience and quality among CFPB examiners, a too-rigid approach that relies too heavily on input from Washington and the occasional appearance of CFPB enforcement personnel at examinations that plagued the examination process....
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