The Consumer Financial Protection Bureau (CFPB) in mid-October released the CFPB Supervision and Examination Manual, the guide for examiners to use in overseeing companies that provide consumer financial products and services. The agency will be overseeing compliance with the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
“Federal government regulators usually have manuals for their examiners,” the CFPB wrote in a blog entry on its site. “Our manual provides our examiners with direction on how to determine if providers of consumer financial products and services are complying with consumer protection laws – and how to determine if the providers have adequate policies and procedures in place to comply with those laws.”
The CFPB noted that it is making the manual and servicing procedures public so that financial services providers know what to expect during their examinations, and so that the public knows how it is fulfilling its responsibilities. The blog entry noted that the agency will use the manual initially to examine the more than 100 “large” banks, thrifts, and credit unions, as well as their affiliates that are subject to CFPB supervision.
The blog entry was co-written by Peggy Twohig, formerly of the FTC. She had previously spoken directly to the ARM industry about the FDCPA at an ACA conference.
The manual can be found at http://www.consumerfinance.gov/guidance/supervision/manual/.
“We consider the manual an evolving document and we welcome feedback from industry representatives and participants, consumer groups, and members of the public,” according to the blog entry. The CFPB encourages feedback at CFPB_Supervision@CFPB.gov.