The Office of Inspector General for the CFPB in a new report revealed that the bureau inadvertently scheduled examinations of non-banks that were outside its supervisory jurisdiction, burdening the firms and wasting the agency’s resources.
In the latest installment of its “prevention of harm” philosophy, the CFPB criticized servicers for their handling of Home Equity Conversion Mortgages but failed to levy penalties, according to the bureau’s recent supervisory highlights report.
The CFPB is calling upon financial institutions to submit a self-assessment of their diversity and inclusion activities, according to the law firm Ballard Spahr.
The CFPB should open up a policy discussion about a tiered supervision structure of smaller independent mortgage banks, according to industry trade groups.
The CFPB appears to have shifted away from addressing lending discrimination via enforcement actions, according to the bureau’s first semi-annual report to Congress under Director Kathy Kraninger. The report covers bureau activities from April 1, 2018, to Sept. 30, 2018.
Chris D’Angelo, associate director of the supervision and enforcement division at the CFPB, is departing. In February, he will join the New York attorney general’s office as chief deputy attorney general for economic justice.
The CFPB should take steps to limit the data collection burden on industry and protect data security, industry groups said in response to a request for information regarding data collections.