What the Consumer Financial Protection Bureau ... - Venable LLP

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CFPB SUPERVISION ANDEXAMINATION• The statutory frameworks for supervision of large depository institutions andtheir affiliates and for non-depository consumer financial service companiesare largely the same.• The purpose of supervision, including examination, to:• assess compliance with Federal consumer financial laws,• obtain information about activities and compliance systems orprocedures, and• detect and assess risks to consumers and to markets for consumerfinancial products and services;• The requirement to coordinate with other Federal and state regulators; and• The requirement to use where possible publicly available information andexisting reports to Federal or state regulators pertaining to supervised entities.
SUPERVISION PROCESS PRINCIPLES• Consumer Focus: CFPB will focus on an institution’s ability to detect, prevent, andcorrect practices that present a significant risk of violating the law and causing consumerharm• Data Driven: Supervision staff (examiners and analysts) will use data from a wide range ofsources: data obtained from the entity and through direct observation during monitoring andexamination; information provided by the CFPB’s Research, Markets and Regulations andConsumer Education and Engagement divisions, the Office of Fair Lending and EqualOpportunity, the Enforcement division, Consumer Response Center, and Officesaddressing the special needs of students, Older Americans, Service members, and theunderserved; and other state and Federal regulatory agencies.• Consistency: CFPB will use the same procedures to examine all supervised entities thatoffer the same types of consumer financial products or services, or conduct similaractivities.
Page 1 and 2: What the Consumer FinancialProtecti
Page 3 and 4: AGENDA• Introduction• The Dodd-
Page 5 and 6: WHAT’S THE COST OF NONCOMPLIANCE?
Page 7 and 8: WHERE DOES THE CFPB FIT IN WITH OTH
Page 9 and 10: DODD-FRANK ACT - HOW WE GOT HERE…
Page 11 and 12: CFPB: OVERVIEW AND STRUCTURE
Page 13 and 14: CFPB: OVERVIEW AND STRUCTURECFPB FO
Page 15 and 16: CFPB: OVERVIEW AND STRUCTURECFPB St
Page 17 and 18: CFPB: FOCUS ON PRIVATE STUDENT LOAN
Page 19 and 20: PRIVATE STUDENT LOAN OMBUDSMAN•Pr
Page 21 and 22: CFPB: FOCUS ON STUDENTS• White Ho
Page 23 and 24: CFPB: FOCUS ON STUDENTSStudent Debt
Page 25 and 26: CFPB SERVICEMEMBER AND VETERANINITI
Page 27 and 28: CFPB: Preparing for Supervisionand
Page 29: WHAT’S HAPPENING AT THE CFPB ONNO
Page 33 and 34: CFPB SUPERVISION ANDEXAMINATION MAN
Page 35 and 36: CFPB ENFORCEMENT AUTHORITY• CFPB
Page 37 and 38: CFPB REFERRALS FROM EXAMS• Crimin
Page 39 and 40: WHAT WILL THE CFPB BE LOOKINGFOR?
Page 41 and 42: UNFAIR ACTS AND PRACTICESDEFINEDThe
Page 43 and 44: ABUSIVE ACTS OR PRACTICESDEFINED•
Page 45 and 46: CFPB: NAVIGATING INVESTIGATIONSAND
Page 47 and 48: EARLY WARNING NOTICE OFPOTENTIAL EN
Page 49 and 50: KEY STEPS TO RESPONDING TO ANINVEST
Page 51 and 52: KEY STEPS TO RESPONDING TO ANINVEST
Page 53 and 54: CFPB AND SERVICE PROVIDERS TOCOVERE
Page 55 and 56: WHAT’S NEXT AT THE CFPB ANDPRIVAT
Page 57 and 58: MAY 2012

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