CFPB Report: 2014-AE-C-005 March 27, 2014
| Rec. no. | Report page no. | Recommendation | Responsible office |
|---|---|---|---|
| 1 | 13 | Monitor the timeliness of examination reporting against the requirements the agency established in June 2012 and work to resolve any issues that cause reporting delays. | Division of Supervision, Enforcement, and Fair Lending |
| 2 | 13 | Develop and document a formal plan with specific targets to reduce the number of examination reports yet to be issued to a manageable level, as defined in the formal plan. | Division of Supervision, Enforcement, and Fair Lending |
| 3 | 16 | Initiate a review of all completed reports of examination to identify whether the alterations to the standard ratings definitions we found were isolated occurrences and determine the need to amend or adjust any previously issued ratings or reissue any reports. This review should include determining whether the two alterations, which we have discussed with the CFPB, warrant a ratings downgrade. | Division of Supervision, Enforcement, and Fair Lending |
| 4 | 16 | Reinforce for all employees responsible for drafting and issuing reports of examination the required rating definitions and their appropriate use in examination reports. | Division of Supervision, Enforcement, and Fair Lending |
| 5 | 16 | Enhance the effectiveness of internal review processes to ensure that all rating definitions are consistent with the standard Federal Financial Institutions Examination Council definitions. | Division of Supervision, Enforcement, and Fair Lending |
| 6 | 19 | Provide guidance and training to staff on the timeliness of recording examination milestones in the Supervisory Examination System. | Division of Supervision, Enforcement, and Fair Lending |
| 7 | 21 | Establish a quality assurance step to ensure that the process for sharing reports with the prudential regulators is sufficiently documented and accurately recorded in the Supervisory Examination System. | Division of Supervision, Enforcement, and Fair Lending |
| 8 | 24 | Update the CFPB Process for Reviewing Supervisory Letters, Examination Reports, and Supervisory Actions to reflect the current supervision organizational structure and processes. | Division of Supervision, Enforcement, and Fair Lending |
| 9 | 27 | Create a policy that provides a consistent approach across regions for scheduling staff on examinations and tracking actual staff hours. | Division of Supervision, Enforcement, and Fair Lending |
| 10 | 29 | Finalize the examiner commissioning program. | Division of Supervision, Enforcement, and Fair Lending |
| 11 | 29 | Monitor examiners’ completion of on-the-job training modules. | Division of Supervision, Enforcement, and Fair Lending |
| 12 | 32 | Pursue negotiations with the prudential regulators with the goal of formally sharing all supervisory materials that result in supervisory actions prior to their issuance. | Division of Supervision, Enforcement, and Fair Lending |
