Compared to fiscal year 2020, complaint investigations have returned to and even improved previous processing times. But the number of complaints appears to be reversing a general downward trend.
The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
But acquiring that talent is going to be an enormous challenge for the bureau given that it cannot compete with compensation levels in the private sector.
The CFPB said it will apply heightened scrutiny to matters and decisions where a regulated entity has employed or retained the services of a former bureau employee.
The CFPB needs to improve the effectiveness of its quality management program in order to strengthen its supervision activities, the Federal Reserve Office of Inspector General said in a recent report.
With the Senate confirming Rohit Chopra as CFPB director, industry participants are preparing for regulatory whiplash after relaxed enforcement and rulemaking during the Trump administration.
Rohit Chopra’s confirmation as CFPB director prompted a surge of statements from industry stakeholders. The sentiments include requests for action and compliments.
Rohit Chopra was nominated in February to serve as the CFPB’s director. However, a final vote on his appointment has been delayed in the Senate for several months due to concerns about the leadership of the Federal Trade Commission, where Chopra is currently a member.
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