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Monday, February 3, 2014

CFPB Streamlines Post-Exam Reporting

Responding to banker concerns about prompt feedback, the CFPB is changing the format of exam reports and supervisory letters. In a “Supervisory Highlights” report, the CFPB said it would eliminate written recommendations -- using oral, on-site guidance instead -- and combine all issues it expects a bank to address in a single section called “matters requiring attention.”

“We anticipate that these changes will reduce the amount of time necessary to finalize reports, thus enabling us to more efficiently provide the reports to supervised entities,” the bureau said. Examiners began using the new format reports for on-site reviews beginning in January.

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