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April 2, 2014

CFPB Failed on Supervision Timeframes, Watchdog Says

“The Consumer Financial Protection Bureau needs to improve the efficiency of its program for direct supervision of banks and non-banks, a federal watchdog said today.”

“The inspector general at the Federal Reserve, which audits CFPB activities, said the agency, created by the 2010 Dodd-Frank law, has failed to meet its own timeline for completing examination reports. The documents, which give companies feedback about their compliance with federal consumer protection laws, have generally been delayed at every step of the process, the inspector general said.”

“While we recognize the considerable efforts associated with the initial development and implementation of the program, we believe that the CFPB can improve the efficiency and effectiveness of its supervisory activities,” the inspector general wrote.”

“As part of its mandate to protect consumers, CFPB directly examines banks with assets greater than $10 billion, including JPMorgan Chase & Co. and regional companies like Regions Financial Corp. The CFPB, an independent agency funded by the Fed, also supervises non-depository financial firms, such as payday lenders, mortgage originators and student-loan servicers.”

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Read full American Banker article here.

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