CFPB Report: 2021-SR-C-017 December 8, 2021
The Bureau's Division of Supervision, Enforcement and Fair Lending is responsible for ensuring compliance with federal consumer financial laws by supervising market participants and initiating enforcement actions when appropriate. We evaluated SEFL's approach to supervising nondepository institutions, such as mortgage lenders, debt collectors, and student loan servicers.
SEFL examinations of nondepository institutions use the same procedures as those of depository institutions that offer the same products and services, as required by SEFL's examination manual. However, SEFL has issued consumer compliance ratings to nondepository institutions less frequently. In addition, SEFL has faced challenges gathering data to identify all nondepository institutions within the Bureau's jurisdiction, overcoming staffing constraints, and ensuring that certain examination data are accurate.
This report contains recommendations.
