News & Press: Newswire

The Trump CFPB Seen As Shifting To By-The-Book Supervision

Monday, June 18, 2018   (0 Comments)
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Under acting Director of the Consumer Financial Protection Bureau, Mike Mulvaney, the supervisory process of banks and credit unions has been moving along at its usual pace; however there appears to have been a shift in what the examiners have been looking for when they review the books at the financial institutions.

 

What the examiners are looking for has changed as they are focusing on strict compliance with the laws on the books rather than industry practices that might be legal but could raise UDAAP issues.Under former Director, Richard Cordray, the CFPB was criticized for the examiners looking at broader trends rather than technical violations which at times, “tripped up” businesses that were not violating the existing law.



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