A latest CFPB blog post supplies details about what newly supervised establishments can anticipate from a supervisory relationship with the CFPB. The weblog publish is primarily meant for these supervised monetary establishments that undergo a CFPB examination for the primary time.
Within the publish and accompanying doc “An Introduction to CFPB’s Exams of Financial Companies,” the CFPB outlines numerous features of its examinations and supervisory actions, together with: (i) the statutory background, (ii) the confidential back-and-forth fashion of communication, (iii) the CFPB’s transparency concerning the supervision program, (iv) the function of examiners, (v) the supply of the examination guide as a useful resource, (vi) the CFPB’s use of an examination report or supervisory letter to speak supervisory findings, and (vii) the excellence between supervision and enforcement.
The CFPB additionally supplies further assets within the weblog publish, together with an Overview of the CFPB’s “prioritization” method to allocating supervisory assets, the Supervision and Examination Manual, and examples of an examination report and supervisory letter.
Additional info relating to the CFPB’s Supervision program will be discovered on the Supervision & Examinations webpage.
WBK routinely assists its purchasers with making ready for and going via CFPB supervisory exams, together with responding to CFPB communications and addressing any obligations that will come up from an examination.
