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CFPB Announces Commencement of Large Bank Supervision
The U.S. Treasury Department, on behalf of the Consumer Financial Protection Bureau (CFPB), announced that the CFPB's supervision and examination program will begin on July 21 for depository institutions with assets exceeding $10 billion, and their depository affiliates.
The CFPB stated that the examination process will strive for transparency, efficiency and fairness. They also said they would coordinate supervision efforts with other state and federal regulators. Examiners will also work closely with the CFPB Consumer Response team in addressing any consumer complaints. Their initial focus will be on older Americans, students, military service members and underserved consumers and communities.
The announcement can be viewed here: CFPB Large Bank Supervision Announcement.
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