CFPB Report: 2013-AE-C-021 December 16, 2013
| Rec. no. | Report page no. | Recommendation | Responsible office |
|---|---|---|---|
| 1 | 13 | Determine the appropriate level of enforcement attorney integration into examinations by reassessing the potential risks associated with the practice against the potential benefits, and document the results of the assessment. | Division of Supervision, Enforcement, and Fair Lending |
| 2 | 13 |
Develop an updated policy and accompanying operating procedures that align with the agency's intended level of enforcement attorney integration in the examination process. Specifically, the CFPB should define a. the roles and responsibilities of examination staff and enforcement attorneys with precision and clarity. b. expectations regarding enforcement attorneys' potential involvement during each examination phase, including their involvement in supervisory activities, such as performing examination modules, drafting supervisory documents, and obtaining information from institutions. c. the information that should be communicated to institutions concerning enforcement attorneys' role in the examination process. d. the "primacy of Supervision" concept, which may include establishing protocols for managing documentation requests and communications with the institution. |
Division of Supervision, Enforcement, and Fair Lending |
| 3 | 13 | Ensure that all relevant staff receive the updated policy and accompanying operating procedures, as well as formal training on those materials. | Division of Supervision, Enforcement, and Fair Lending |
| 4 | 17 | Formalize training for enforcement attorneys on the CFPB's examination process and require the attorneys to complete such training prior to any involvement in examinations. | Division of Supervision, Enforcement, and Fair Lending |
| 5 | 19 | Determine whether enforcement attorneys should have the ability to obtain direct access to supervised institutions' systems and, if such access is deemed appropriate, specify the purpose of the access. | Division of Supervision, Enforcement, and Fair Lending |
| 6 | 19 |
Develop safeguards, such as a policy on enforcement attorneys obtaining direct access to supervised institutions' systems for the purpose of examinations. Issues for consideration in developing such a policy include a. the controls or limitations on enforcement attorneys' access and any required communications to the institution regarding this access, should the Division of Supervision, Enforcement, and Fair Lending decide that such access is appropriate. b. alignment of system access with examination scope. c. penalties for inappropriate access to systems or inappropriate use of information obtained through appropriate or inappropriate access. d. appropriate dissemination of the policy to relevant staff. |
Division of Supervision, Enforcement, and Fair Lending |
| 7 | 22 | Define the roles and responsibilities of the Office of Supervision Policy points of contact, enforcement attorneys, and other relevant parties, such as Legal Division staff, with regard to addressing different types of legal questions from examination staff. | Division of Supervision, Enforcement, and Fair Lending |
