Bloomberg reports that Steven Antonakes, the CFPB’s head bank supervisor, said oversight of banks exceeding $10 billion in assets will begin on July 21 as scheduled.
“We are all engines ready to go,” Antonakes said at a conference of the American Bankers Association in Washington.
Antonakes’s division will regulate 111 banks, thrifts and credit unions that oversee about 80 percent of U.S. banking assets, about $10 trillion worth, he said. The agency will do “point-in-time examinations” that will last four to 12 weeks, depending on the size and organization of the firm.
“Presuming that the exam is clean, we’re out of your hair for two years’ time,” Antonakes said.
At organizations with more than $100 billion in assets, “not in all instances but in most instances, there will be some type of continuous supervision in which we will have a presence at the institution throughout most of the year,” said Antonakes, of which example include examination of credit card instruments or mortgage origination.
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Thirteen U.S. banks had assets exceeding $100 billion at the end of the first quarter, according to data compiled by Bloomberg News: Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS), Morgan Stanley (MS), US Bancorp (USB), PNC Financial Services Group Inc. (PNC), Capital One Financial Corp. (COF), SunTrust Banks Inc., BB&T Corp. (BBT), Regions Financial Corp. and Fifth Third Bancorp. (FITB)
Click here to read more of Antonakes’ comments from the conference regarding regulation of major U.S. banks.
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