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Getting ready for a CFPB examination: Lessons from the recent orders

By  |  December 20, 2015

Brian Smith, Dec 10, 2012

On October 13, 2011, the Consumer Financial Protection Bureau (“CFPB”) published its Supervision and Examination Manual in furtherance of the responsibility given that agency by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB now has responsibility for the supervision and examination for compliance with a vast array of federal consumer protection laws.

The institutions subject to CFPB oversight and regulation include: banks with over $10 billion in assets and non-bank financial businesses regardless of size in certain markets including:mortgage companies (originators, brokers, servicers and, loan modification and foreclosure relief services); payday lenders; private education lenders; and the larger participants in other markets including debt collection, consumer reporting, auto financing and money transmitters and remitters…

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Getting ready for a CFPB examination: Lessons from the recent orders