No more CFPB enforcement attorneys at exams
Oct. 11, 2013 – CFPB said it will no longer send enforcement attorneys along during regular examinations, action that addresses concerns raised by NAFCU over the past two years.
NAFCU has opposed this process since it was begun; noting the presence of an attorney during the examination was uncomfortable. American Banker quoted CFPB’s Jennifer Howard saying that having enforcement attorneys present at examinations simply “wasn’t efficient.”
The CFPB has examination and enforcement authority over all federally insured depository institutions with more than $10 billion in assets, including the four largest credit unions. As they grow in asset size, other credit unions will be added to that group.
“Having an enforcement attorney present during the examination creates an adversarial situation, and we’re glad to see this practice ended,” said NAFCU Regulatory Affairs Counsel PJ Hoffman.
American Banker article