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CFPB Reminds Companies to Stay Quiet on Supervisory Exams and that NDAs Don’t Trump its Authority

The CFPB issued a bulletin to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The Bureau also used the opportunity to formally note that non-disclosure agreements signed by a company do not trump its obligations to comply with CFPB supervisory requests.

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Banking Association Urges Further Scrutiny of CFPB’s Complaints Database by Federal Inspectors

The American Bankers Association this week sent a letter to the Federal Reserve’s Office of the Inspector General (OIG) offering support for two ongoing audits of the CFPB’s complaints database and urging the OIG to expand the scope of the audits to address, among other things, the CFPB’s proposed plan to publish consumer narratives alongside complaints.