Free registration is required to access these resources. Login or Register.

Premium compliance products are also available in the insideARM Store

In advance of the Consumer Financial Protection Bureau’s (CFPB) active supervision and examination of debt collection agencies, the Bureau announced Monday that it has realigned its Supervision department into two units: Supervision Examinations and Supervision Policy.

Previously, the CFPB’s Supervision unit at its Washington, DC headquarters was organized into offices for Nonbank and Large Bank Supervision. When the Bureau officially launched in 2011, its Supervision unit took over the examination duties for large banks and thrifts. Since then, it has launched nonbank supervision programs for most of the industries it covers.

“We have now successfully launched supervision programs for both nonbanks and large banks,” the CFPB wrote on its blog. “Now our goal is to make these programs as efficient and effective as possible, and this reorganization will help us do that.”

The Examinations team will focus on many of the processes and work vital both to the team at Headquarters and to examiners throughout the country. The team will oversee CFPB efforts to: recruit, train, and commission examiners; ensure policies and procedures are followed; and plan and execute examinations. The four regional offices will report to Supervision Examinations, and Paul Sanford will be the Acting Assistant Director of this Office.

The Policy team will ensure that policy decisions for supervision are consistent with both the law and the Bureau’s mission, and that they are consistent across markets, charters, and regions. The CFPB is organizing this office by product or service market rather than by the type of financial institution. Each of these teams will be responsible for developing supervision strategy and policy across both bank and nonbank markets. Peggy Twohig will be the Assistant Director of this Office.


Related Products

Telephone Communication Compliance: The CFPB's Consent Orders Thumbnail

Telephone Communication Compliance: The CFPB's Consent Orders

Our Telephone Communication Compliance: The CFPB’s Consent Orders guide is designed to help debt collectors comply with consent orders that hint at telephone communication violations. The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders, keeping the information you need right at your fingertips! This paper has been excerpted from insideARM's larger "The CFPB's Consent Orders Regulating the ARM Industry" report, available for sale now.

Staying Compliant – and Out of Court – with the TCPA Thumbnail

Staying Compliant – and Out of Court – with the TCPA

This reference guide distills the information presented in our webinar. It comes complete with a link to the full recording of the webinar – great for use for all-staff trainings and quarterly in-services -- as well as the slide deck and full transcript of the webinar. This guide doesn’t just walk through what agencies should and should not be doing, going forward -- it contains the full Q&A from the webinar, too. (This product is approved for DBA International Certification Credit.)

The CFPB's Consent Orders Regulating the ARM Industry Thumbnail

The CFPB's Consent Orders Regulating the ARM Industry

Our guide on The CFPB’s Consent Orders Regulating the ARM Industry is the first report of its kind designed to help debt collectors comply with consent orders. The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders, keeping the information you need right at your fingertips! This report will be updated quarterly.

UPDATED! CFPB’s Advice to the Consumer (through March 2016) Thumbnail

UPDATED! CFPB’s Advice to the Consumer (through March 2016)

The Consumer Financial Protection Bureau hosts more than 80 of the most common consumer questions about debt collection on its Ask CFPB website. And since the Bureau was created for the sole purpose of representing and protecting consumers, debt collectors need to know how the CFPB communicates with them. That’s why insideARM compiled the answers to all 88 questions in one user-friendly report. Using the CFPB’s guidance as a model for your own compliance priorities, policies and procedures means your company will be able to keep up with the Bureau before it feels the need to examine your agency. ALL ANSWERS UPDATED THROUGH MARCH 2016.

Advertisement