News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Internal Controls

Goodwin

CFPB To Revisit Trump-Era QM Final Rules

Goodwin on

In this Issue. The Consumer Financial Protection Bureau (CFPB) issued a statement announcing its intention to revisit Trump-era qualified mortgage (QM) final rules; the Biden Administration announced changes to the Small...more

Troutman Pepper

Wells Fargo Consent Orders Highlight Importance of Acting on Information From Third-Party Vendors

Troutman Pepper on

The OCC and CFPB consent orders issued against Wells Fargo on April 20 cited deficiencies in third-party oversight practices. The orders are the latest additions to an ever-expanding body of agency enforcement actions...more

Dorsey & Whitney LLP

Smaller Issuer Relief in the Financial CHOICE Act

Dorsey & Whitney LLP on

As noted in the earlier post, the House passed the Financial CHOICE Act yesterday. While the headline-grabbing aspects of the Financial CHOICE Act relate to a repeal of the Volcker Rule and reducing the authority of the...more

Ballard Spahr LLP

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Supervisory Highlights: It’s all about the Compliance Management System

The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Bureau of Consumer Financial Protection Issues Policy on No-Action Letters - On February 18, the Consumer Financial Protection Bureau issued a new policy statement on No-Action Letters. Under the Policy, Bureau...more

Ballard Spahr LLP

OIG report finds deficiencies in CFPB hiring processes

Ballard Spahr LLP on

In a new report on the CFPB’s hiring processes, the Office of Inspector General (OIG) for the Fed and CFPB found that the CFPB’s Office of Human Capital (OHC) did not always follow established hiring controls. For example,...more

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