The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently announced it was ending a controversial practice of sending enforcement attorneys on supervisory exams, over a year after it was asked to stop by groups representing supervised financial institutions.
The CFPB decided the program – designed to promote efficiency; educate the enforcement attorney about the examination process; and enable the enforcement attorney to provide a supportive role to the examination team – was not efficient, according to the published reports on news websites, including the Wall Street Journal and American Banker. The program involved staff enforcement attorneys accompanying examiners to onsite exams of banks, other lenders, mortgage servicers, debt collectors, and other nonbank financial institutions.
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