The Consumer Financial Protection Bureau (CFPB) on July 12 outlined its approach to supervising the 111 large banks with more than $10 billion in assets that it will oversee beginning July 21. "Starting on July 21, we will be a cop on the beat—examining banks and protecting consumers," said Treasury Department special adviser Elizabeth Warren, who is overseeing the establishment of the CFPB.

Examiners will be managed out of satellite offices in Chicago, New York, San Francisco, and Washington, D.C. According to the release, "Each of these satellite offices will be the nexus for CFPB supervision in their respective areas of the country. Having examiners and field managers focused on these regions will help ensure that the CFPB understands the business practices and dynamics in different markets throughout the country." The Bureau said it will conduct periodic examinations for most of the banks it supervises. But for the largest and most complex banks, the CFPB will implement a year-round supervision program that will be customized to reflect the consumer protection and fair-lending risk profile of the organization.