November 10, 2012
CFPB Issues Supervisory Highlights
The Fall 2012 Highlights state that the Bureau will have three guiding principles
1. Focused on consumers;
2. Driven by data; and
3. Examinations conducted consistently across sectors.
The Bureau found that effective systems to ensure compliance with Federal consumer financial law were lacking in one or more financial institutions. (p. 3)
The Bureau also discovered “numerous violations of Federal consumer financial law.” (p. 7)
In particular, the Bureau noted significant examples of non-compliance with RESPA, TILA and HMDA. (p. 13)
The complete document is here: [link]
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