Consumer Financial Protection Bureau Comes with New Changes in Exam ProcessBanker Resource
October 22, 2013 — 1,313 views
With a view to make the exam procedure a lot faster, the Consumer Financial Protection Bureau is planning on coming up with some major changes. These changes will also be aimed at allowing enforcement personnel to carry on with their own inquiries outside of exams.
New Changes Being Brought into the Process
The agency had recently revealed one of its major plans. It said that it will no longer be sending enforcement attorneys to the usual in-site exams. This change will come into effect on November 1st. This has come out as a relief for the bankers who were unhappy with the presence of the enforcement attorneys who made the whole process unnecessarily hostile for them.
Some of the major changes from the agency are yet to come out as it is planning to revamp its whole supervision, fair lending, as well as enforcement division. Steven Antonakes from CFPB said that the agency had been thinking over the matter from a couple of years. It assessed the efficiency as well as the effectiveness of the operation. The agency had intentionally clubbed the enforcement, fair lending, and supervision offices together so that all the three departments could understand each other’s work.
Over a period of time, the agency found out that it was not necessary for the enforcement attorneys to be with the examiners on the site. The agency realized that its aim of integration could still be reached by communicating off-site electronically.
Hoping for a Better and More Efficient System
When asked whether this new move by the agency will help in getting more action, Steven said that the agency is driven by data and is full of people who are tough minded and know their job very well. But at the end of the day everyone at their job is supposed to be reasonable and fair. The economy is not afraid of discussing difficult issues or getting into tough discussions. As of now, it cannot be predicted whether this new move will result in more enforcement actions or less. But one thing can be assured and that it will definitely come out as an efficient way of getting the work done by protecting the consumers.
Towards the end, Steven mentioned that the agency has just started to grow in its capacity and is trying to make the best use of the technology available to it. It hopes that it succeeds in coming with results that show greater efficiency.