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CFPB Report: 2019-SR-C-001 January 28, 2019
During examinations of supervised institutions, the Bureau may issue corrective actions to address violations of federal consumer financial laws or regulations, compliance program deficiencies, or control weaknesses. We assessed the Bureau's effectiveness in monitoring corrective actions taken in response to Matters Requiring Attention and ensuring that supervised institutions address MRAs in a timely manner.
The Bureau can improve its follow-up process for MRAs by clarifying the intent and definition of its public MRA measurement, implementing a quality control process for MRA data, and addressing inconsistencies in MRA documentation and workpaper retention practices. During our review, the Bureau took actions to improve the MRA follow-up process, including issuing guidance for Bureau staff and upgrading its system of record.
Our report contains recommendations designed to further enhance the Bureau's MRA follow-up process.