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.
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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.
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The Government Accountability Office said the CFPB’s fiscal 2020 and fiscal 2021 financial statements were in accordance with generally accepted accounting principles.
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Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
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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.
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Senate Democrats called on the CFPB to increase oversight of credit reporting agencies. The CFPB director, though, is skeptical of creating a government-run credit reporting agency.
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