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Thursday, November 1, 2012

CFPB Report Details Compliance Shortcomings

The CFPB released a report highlighting problems that the agency’s examiners discovered during its exams of nonbanks and banks with more than $10 billion in assets from July 2011 through September 2012.

Problems included improper procedures related to credit line increases for credit card holders under 21, inadequate training on fair credit reporting requirements, and violations of mortgage disclosure requirements.

The Bureau also released an appeals policy for supervised institutions as well as an updated version of the CFPB Supervision and Examination Manual, a field guide used by examiners.

Under the appeals process, supervised institutions may request a review of a less than satisfactory compliance rating or any adverse finding included in an exam report or supervisory letter. The appeal will be handled by a committee that includes management at CFPB headquarters and representatives of regional offices that were not involved in the matter under review.

Read the supervisory report.
Read the appeals policy.
Read the updated Supervision and Examination Manual.

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