Cfpb examinations focus on risks of harm to consumers, including the risk that a supervised entity will not comply with federal consumer financial law. Cfpb mortgage examination procedures origination cfpb may 2015 procedures 4 100 percent of the value of the home. From 2012 through 2015 the number of public cfpb enforcement. The supervision and examination manual is cfpb s guide for examiners to use in overseeing companies that provide consumer financial products or services. Accordingly, there are inconsistencies across the regions. Preparing for a cfpb examination or investigation jonathan l. Cfpb laws and regulations glba privacy wolters kluwer. Consumer financial protection bureau divide jurisdiction over debt settlement. Our manual, originally released in october 2011, describes how the cfpb supervises. Cfpb mission created by title x of doddfrank in july 2010 regulate consumer financial products and services make consumer financial markets fair, transparent, and competitive.
Cfpbs regulation of the auto finance industry accelerates. Cfpb supervision and examination process examinations. Cfpb mortgage examination procedures origination cfpb january 2014 procedures 2 examination objectives 1. Cfpb credit card account examination procedures management.
Not only do cfpb examinations have a new focus, but they involve building new. One or more cras must also establish necessary policies and procedures to ensure that. Before using the procedures, examiners should complete a risk assessment and examination scope memorandum in accordance with general consumer financial protection bureau cfpb procedures. Privacy of consumer financial information grammleach. This first edition of the cfpb supervision and examination manual is a guide to how the cfpb will supervise and examine consumer financial service providers under its jurisdiction for compliance with federal consumer financial law. The cfpb has issued a proposal to postpone the trid rules effective date from august 1 to october 3, 2015. The fcra is a part of a group of acts contained in the federal consumer credit protection act2 such as the truth in. To identify acts or practices that materially increase the risk of violations of federal. Review a sample of loan files that include gfes to determine the following. Consumer financial protection bureau pursuant to the doddfrank act. The cfpb can enhance the effectiveness of its examiner. Cfpb credit card account examination procedures management cfpb february 2015 procedures 26 any, under which the introductory rate may be revoked, and the type of rate that will apply after the introductory rate is revoked. Cfpb consumer laws and regulations fcra cfpb ffiec rev. Cfpb consumer laws and regulations efta cfpb ffiec rev.
Cfpb supervision and examination manual training compliance. Preexamination planning consists of gathering available information and documents and preparing an examination information request. Cfpb updates mortgage servicing examination procedures. Cfpb proposes amendments to confidentiality and disclosure rules. Oct 18, 2011 cfpb supervision and examination manual posted on october 18, 2011 may 7, 2019 by jholzknecht on october 14, 2011 the consumer financial protection bureau cfpb published its supervision and examination manual. The cfpb periodically revises this manual to incorporate feedback from companies. It is the guide examiners use in overseeing companies that provide consumer financial products and services. This training covers the cfpbs examination process as stated in its examination manual. Sometimes lenders have allowed consumers to borrow an amount greater than the value of the property, although this practice is not common in todays mortgage marketplace. Cfpb consumer laws and regulations hmda cfpb hmda 1 home mortgage disclosure act background and summary the home mortgage disclosure act hmda was enacted by the congress in 1975 and is implemented by regulation c 12 cfr part 203.
Jun 18, 2015 the new auto finance examination procedures manual is divided into nine specific modules as follows. Cfpb supervision and examination manual bankers online. Early analysis of the cfpbs consumer complaints, 19 fordham j. The manual describes cfpb supervises and examines these companies and gives its examiners direction on how to assess compliance with federal consumer financial laws. Company selects from a structured list of public company response categories. For example, before july 21, 2011, the federal reserve had rulemaking authority for the home mortgage disclosure act, which was codified in title 12, chapter ii federal reserve. This is version 2 of the cfpb supervision and examination manual.
The supervision and examination manual is our guide for examiners to use in overseeing companies that provide consumer financial products or services. The bureau also publishes and regularly updates an exam manual that. General guidance from the cfpb supervision and examination manual continued examination procedures. Automobile finance examination procedures consumer. Cfpb supervision and examination manual compliance resource. Cfpb examination procedures education loan cfpb december procedures 2 1. Originally released in october 2011, it describes how the cfpb supervises and examines these providers and gives our examiners direction on how to determine if companies. The cfpb strives to better serve consumers by using plain language. Jun 15, 2017 the documents show that the outcome of a cfpb examination will depend on multiple decision makers, at various stages, and the importance of such factors as the exam findings and matters requiring attention, whether there is a violation of law, deterrence, variety of products and potential violations, size and complexity of the institution, self.
Cfpb publishes supervision and examination manual including. Nov 05, 2012 the consumer financial protection bureau published an updated version of its supervision and examination manual. Cfpb supervision and examination manual the supervision and examination manual is our guide for examiners to use in overseeing companies that provide consumer financial products or services. To assess the quality of the regulated entitys compliance risk management systems, including internal controls and policies and procedures, for preventing violations of federal consumer financial law in its mortgage servicing business. To assess the quality of a supervised entitys compliance management systems in its mortgage origination business. This is first edition of a guide devoted to how the cfpb will supervise and examine consumer financial service providers under its jurisdiction for compliance with federal consumer financial law.
Cfpb supervision and examination manual, version 2 october 2012. The consumer financial protection bureau cfpb makes its supervision and examination manual available. Regulatory scrutiny of language discrimination in the. Jul 01, 2015 the fdic has revised its interagency examination procedures to reflect the requirements of the tilarespa integrated disclosures trid rule. Although the cfpb supervision and examination manual outlines agencywide expectations for activities throughout the examination process, we determined that the four regional offices have adopted their own approaches to execute certain examination procedures.
The updated manual incorporates procedures released for such markets as mortgage origination and servicing, payday lending, consumer reporting and consumer debt collection. Cfpb proposes amendments to confidentiality and disclosure rules september 15, 2016 information to specified parties without specific authorization from the cfpb such as to certified public accounts, legal counsel, consultants and contractors, and procedures for institutions to obtain specific authorization to provide this information to others. Cfpb supervision and examination manual part 1 of 2. Cfpb examination procedures respa cfpb september 2015 procedures 4 within three business days after receipt of a written application 12 cfr 1024. Today we are releasing version 2 of the cfpb supervision and examination manual, the guide our examiners use in overseeing companies. The cfpbs renumbering reflects the codification of its regulations in title 12 banks and banking, chapter x bureau of consumer financial protection of the cfr. Also known as backend products, these addons are other pieces of equipment or finishing items that can be purchased with the vehicle such as lojack systems, vehicle identification number etching antitheft precaution,and paint protection.
This guide explains how the cfpb will supervise and examine consumer financial service providers under its jurisdiction for compliance with federal consumer financial law. Examiners will use the procedures in examinations of automobile lenders, lessors, and servicers. June 22, 2016 the cfpb released a third update to its exam procedures. To assess the quality of the regulated entitys compliance risk management systems, including internal controls and policies and procedures, for preventing violations of federalfederal consumer financial law in its private education lending business or student. This design manual is an opensource resource for cfpb staff to produce effective and visuallyconsistent products that are easy for consumers to. Cfpb supervision and examination manual consumer financial. Supervision and examinations consumer financial protection. The manual describes how we supervise and examine these companies and gives our examiners direction on how to assess compliance with federal consumer. As of december 4, 2015, section 75001 of the fixing americas surface transportation act 9 fast act amended section 503 of glba to establish an exception to the annual. Cfpb mortgage examination procedures servicing cfpb june 2016 procedures 2 examination objectives 1. The fixing americas surface transportation act fast act included a provision amending section 503 of the grammleachbliley act glba 15 usc 6803 to provide a new exception to glbas annual privacy notice requirement. The consumer financial protection bureaus law enforcement.
The bureau has organized its examinations around institutional. Review the good faith estimate to determine if it appears exactly as set forth in appendix c to part 1024. The exam procedures offer valuable guidance to financial institutions and mortgage companies on what the cfpb will be looking for in its exams. Fdic revises examination procedures to incorporate tilarespa.
Company responds to the consumer and the cfpb via the po rtal. The manual describes how we supervise and examine these companies and gives our examiners direction on how to assess compliance with federal consumer financial laws. Cfpb takes action to help struggling homeowners seeking mitigation efforts. The overall objective of preexamination planning is to collect information necessary to determine the examination s scope, resource needs, and work plan. Aug 30, 2017 the supervision and examination manual is cfpb s guide for examiners to use in overseeing companies that provide consumer financial products or services. Cfpb revises tila, respa exam procedures to incorporate.