Guide to CFPB Mortgage Exams and Enforcement Team License (PDF Format)
The Consumer Financial Protection Bureau’s supervision and enforcement jurisdiction is huge. In addition to large depositories, it also has authority over many nonbanks that were not previously under federal regulation--including all that offer, originate, broker or service mortgages.
But even for institutions accustomed to U.S. government oversight, the bureau’s exam approach is a new wrinkle. Unlike the prudential regulators, which have typically conducted far-reaching, cyclical exams using a team of examiners well-known to the institution, the CFPB is focusing on testing narrower slices of an institution’s business at more irregular intervals, choosing those most likely to cause consumer harm. The CFPB’s strategy also differs from state exams: Instead of just looking at loan-level results, the bureau also wants to test systems to make sure they don’t allow or encourage undesirable outcomes.
The bureau’s approach to enforcement is also novel. It has the authority to go after individuals as well as entities. It can require that penalties include monies for harmed consumers. And it can use its subpoena-like Civil Investigative Demands powers to dig up evidence of potential violations by individuals and companies outside its supervisory authority.
Learn more about the CFPB’s supervision and examinations—and how you should prepare for and respond to them—in IMF’s Guide to CFPB Mortgage Exams and Enforcement. In addition to sections that delve into CFPB oversight powers and the exam process, this special report offers tips for supervised entities on what to do before, during and after the CFPB comes knocking at the door.
Partial Table of Contents
Civil Investigative Demands
Issues with CFPB Supervisory Activities
Reporting Results of Exams
HMDA Transaction Testing
Frequency of Exams
Coordination with State Exams
Tips for Supervised Entities
Areas of Focus
Compliance Management Programs
Consultation from Attorneys
HMDA Compliance Management
Characteristics of CFPB Enforcement Cases
Products are licensed for a single user. Team licensing extends your single-user license to up to 10 people in your business unit who are directly employed by the same company.