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CFPB Report: 2021-SR-C-016 November 1, 2021
The Bureau's Division of Supervision, Enforcement and Fair Lending supervises and examines institutions' compliance with federal consumer financial laws. We assessed the design and effectiveness of SEFL's internal Quality Management Program for supervision activities.
The QMP can be improved by finalizing updates to policies, procedures, and guidance and by increasing SEFL leadership's oversight of the program. In addition, the QMP's quality control review processes should be enhanced, its staffing assessed, its training program formalized, and its quality assurance results better reported and distributed.
This report contains recommendations.