In This Issue:
- FEDERAL ISSUES
- STATE ISSUES
- FIRM NEWS
- FIRM PUBLICATIONS
- CONSUMER FINANCE
- CRIMINAL ENFORCEMENT
- Excerpt from Consumer Finance:
Federal Reserve Board Inspector General Reviewing CFPB's Use of Enforcement Attorneys During Examinations. Recently, the Federal Reserve Board's Office of Inspector General (OIG), which also serves as the OIG for the CFPB, released an updated Work Plan. The Work Plan includes as a "work in progress," an evaluation of the CFPB's integration of enforcement attorneys into its examinations of financial institutions. According to the Plan, the OIG is assessing (i) the potential risks associated with this examination approach and (ii) the effectiveness of any safeguards that the CFPB has adopted to mitigate the potential risks associated with this approach. Banks and nonbanks have previously expressed concern with the CFPB's approach, which differs from the traditional approach taken by other federal regulators. In fact, in November 2012, the CFPB Ombudsman recommended that the CFPB review its implementation of the policy. The Work Plan states that the OIG expects to complete its review during the second quarter of 2013.
Please see full Infobytes below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: CFPB, Enforcement Attorneys, Fannie Mae, FCRA, Federal Reserve, FHFA, FinCEN, Freddie Mac, Hazard Insurance, Mortgage Loan Servicing Standards, Payday Loans, TILA
Published In: Civil Procedure Updates, Criminal Law Updates, Finance & Banking Updates, Residential Real Estate Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© BuckleySandler LLP | Attorney Advertising