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

CFPB EXAMINATION STEPS• Collect and review available information(from within the CFPB, from other Federaland state agencies, and from publicsources), consistent with statutoryrequirements;• Request and review supplementarydocuments and information from the entityto be examined;• Develop and obtain internal approval for apreliminary risk focus and scope for theonsite portion of the examination;• Go onsite to observe, conduct interviews,and review additional documents andinformation;• Consult internally if the examinationindicates potential unfair, deceptive, orabusive acts or practices; discrimination; orother violations of law;• Draw preliminary conclusions about theregulated entity’s compliance managementand its statutory and regulatory compliance;• Consult internally about follow-up correctiveactions that the institution should take,whether through informal agreement or aformal enforcement action, if warranted byfindings;• Draft the examination report;• Obtain appropriate internal review andapproval for the examination work and draftexamination report;• Share the draft report with the prudentialregulator and obtain and consider anycomments they may offer, consistent withstatutory requirements; and• After final internal clearance, finalize andtransmit the report to the supervised entity.• During the examination, the Examiner inCharge will communicate with appropriatesupervised entity personnel aboutpreliminary findings and conclusions.• CFPB will seek cooperation from the entityto correct any problems identified.