CFPB Report: 2024-SR-C-021 December 2, 2024
A key mission of the CFPB is overseeing compliance with federal consumer financial laws and regulations for depository institutions with over $10 billion in assets. From 2017 through 2023, 90 depository institutions crossed the $10 billion threshold and transitioned to the CFPB's oversight.
We found that the CFPB did not timely or effectively complete most of the transitions we reviewed, in some cases taking over a year to complete key onboarding steps. It also took varying approaches to coordinating with the prudential regulators. We attribute these issues to the CFPB not having established a program for onboarding depository institutions that transition to its oversight.
Our report contains recommendations to enhance the CFPB's onboarding of depository institutions.
