Semi-Annual Report of the Consumer Financial Protection Bureau
- Source: consumerfinance.gov
Treliant Takeaway:
Treliant’s fair and responsible banking experts help institutions develop, evaluate, and implement robust compliance programs to address banking risks. Rather than simply identifying gaps or making recommendations, Treliant’s experts will help banks put into practice the tools and processes necessary for an effective program. Our clients rely on our regulatory knowledge and industry experience to meet current mandates and achieve compliance and business objectives. From fair lending risk assessments to staff augmentation, Treliant can help transform your bank’s fair and responsible banking culture and program from reactive to proactive in the identification and management of risks.
Report Highlights:
The CFPB released its Semi-Annual Report of the Consumer Financial Protection Bureau (Report) on June 8, 2023 (period covered: April 2022 – September 30, 2022). The Report provides details of their continued focus and commitment to the prioritization, measurement, and enforcement of violations of Fair Lending laws and regulations.
The Report addresses the CFPB’s work and activities related to the following priorities during the period covered in their Report, including:
- List of significant initiatives conducted by the CFPB;
- Overview of Compliance Bulletins, Advisory Opinions published, and Other Initiatives;
- Comprehensive analysis of Consumer Complaints filed with the CFPB;
- Supervisory and Enforcement Actions including an assessment of State Consumer Financial Law; activities related to pending litigation filed by attorney general and state regulators relating to federal consumer financial law;
- Analysis of Fair Lending Supervision and Enforcement achievements, including rulemaking, guidance, Interagency Fair Lending coordination and Outreach/Education efforts; and
- Details of Workforce and Contracting Diversity efforts to advance diversity and inclusion.