Newsroom

March 12, 2018

NAFCU wants CUs' input on CFPB's supervision program

NAFCU, through a Regulatory Alert sent yesterday, is asking member credit unions for their input on the CFPB's supervision program. Credit unions with more than $10 billion in total assets are subject to the CFPB's supervisory authority.

The CFPB issued the request for information (RFI) Feb. 20 to obtain feedback on how it could reduce the burden of its supervision processes, while still meeting its statutory and regulatory objects.

Through its Regulatory Alert, NAFCU would like members' input on:

  • the transition to the CFPB's examination program if their credit union has recently become subject to the bureau's supervisory jurisdiction;
  • the effectiveness and accessibility of the CFPB's exam manual;
  • the efficiency and effectiveness of CFPB examiners when onsite;
  • the quality and transparency of the results of supervisory activities reports;
  • suggested improvements or changes to the CFPB's supervisory examination process; and
  • whether the CFPB's supervisory jurisdiction is properly tailored.

This RFI is one of seven that the bureau has published to obtain public feedback on how to improve the CFPB's functions and outcomes for consumers and the entities it regulates. NAFCU expects the bureau to issue additional RFIs that will similarly seek to review and revise other existing CFPB rules.

Member credit unions can submit comments to NAFCU on the CFPB's supervision program until May 7; comments are due to the CFPB May 21. Other Regulatory Alerts can be found here.