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Thursday, August 22, 2013

CFPB Issues Report on Supervisory Problems

The CFPB issued a report on concerns about mortgage servicing, compliance and fair lending raised during its supervision of banks and nonbanks. The CFPB said that since Oct. 2012, its supervisory activities have resulted in remediation and restitution to more than 60,000 individuals.

The CFPB found that “nonbanks are more likely to lack a robust” compliance management system, while banks generally have an “adequate” CMS. The bureau said its biggest concern at banks was “a deficient system of periodic monitoring and independent compliance audits.”

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