The sequester does not appear to be putting a crimp in the CFPB’s recruiting efforts. A new post on the CFPB’s blog announces that the Bureau is recruiting examiners for its supervision team to conduct examinations of banks and nonbanks. Interested candidates must apply by March 22.
The CFPB’s recruiting campaign could be an indication that the CFPB wants to increase its examiner ranks so that it has the capacity to examine more of the nonbanks it has authority to supervise. It might also reflect a need to replace examiners who have left. In a letter sent to the CFPB last month by the Chamber of Commerce, the Chamber observed that there has been frequent turnover in the CFPB’s examination staff. The Chamber also observed that such turnover, combined with insufficient training, has resulted in dramatically different competency levels among members of supervision teams and between teams and could be the reason exam teams have little decision-making authority. The Chamber called on the CFPB to improve its training of supervision staff to address a lack of experience with the exam process.