The CFPB’s ombudsman has recommended several improvements to the bureau’s exam procedures and communications efforts. The ombudsman said the bureau is adopting its recommendations.
Based on concerns from supervised institutions about how to escalate examination problems and the scope of exam activities, the ombudsman recommended several enhancements to exam procedures. The CFPB should clearly identify the exam team members -- including the examiner in charge -- and their contact information, the ombudsman said. The bureau should also refer to the citation manual during exam communications, clearly describe the exam process up-front and provide regular updates on the exam’s status.
The ombudsman urged the CFPB to make it easier for users to access all updates on consumerfinance.gov and that they provide “more consistent and advanced lead time” for its public events.
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