CFPB Seeks Feedback on Supervision Processes

The Consumer Financial Protection Bureau today issued a request for information seeking feedback on its supervision processes — the fourth in an ongoing series of RFIs designed to provide the CFPB with input on how it is fulfilling its statutory obligations and how to improve outcomes for both consumers and covered entities.

The public is invited to provide comment on the efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate. The public is invited to comment on the timing, frequency and scope of supervisory exams, the bureau’s information collection requests, the exam manual, the effectiveness of onsite exam work, exam communications including supervisory letters and exam reports, the clarity of matters requiring attention and the appeals process, among other things. Comments are due 90 days after publication in the Federal Register.

The bureau also announced that over the coming weeks, it anticipates issuing more RFIs on a number of topics including external engagement, complaint reporting, the bureau’s rulemaking processes, bureau rules not under section 1022(d) assessment, inherited rules, guidance and implementation support, consumer education, consumer inquiries and data policy. For more information, or to provide input for ABA’s comments on the RFI on supervision, contact Nessa Feddis or Rick Freer.