CBA, CMC, FSR Submit Letter on Bureau Supervision Process

May 21, 2018

WASHINGTON – The Consumer Bankers Association, Consumer Mortgage Coalition and Financial Services Roundtable today submitted comments on the supervision process at the Bureau of Consumer Financial Protection. The comments are part of the Bureau’s ongoing requests for information.

“CBA and CBA member banks have always supported the Bureau’s mission and believe regulatory supervision is an important part of that mission,” CBA General Counsel and Executive Vice President Steve Zeisel said. “In order to more fully protect consumers, the Bureau should work in concert with other supervisory agencies to examine areas of operation with the greatest potential for consumer harm. The process must also be transparent and offer clarity for institutions as well as consumers.” 

“The Consumer Mortgage Coalition members firmly believe regulatory supervision is an important function of the Bureau.  In order to best serve consumers, though, the process should be coordinated with other supervisory agencies, streamlined, transparent and focused,” said Anne Canfield, CMC Executive Director.

The letter, attached, discusses the following areas of concern:

  • The Bureau should focus on genuine consumer harm and deterrence of bad actors;
  • Examinations should begin and end expediently to provide an interval of normal operation;
  • The Bureau must provide an appropriate amount of time to implement regulatory changes;
  • The Bureau should prioritize and conduct examinations for compliance with specific requirements based on potential for genuine consumer harm; and,
  • Supervisory actions should be done in coordination with other agencies to promote efficiency, harmonize data requests and resolve issues in concert.