An Examiner S Guide To Consumer Compliance

Part 1 of 2 Today we are releasing Version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Our manual, originally released in October 2011, describes how the CFPB supervises and examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws. We updated the supervision manual to reflect the renumbering of the consumer financial protection regulations for which the CFPB is responsible. The numbering conventions in the Code of Federal Regulations (CFR) allow the reader to easily identify which regulations fall under a particular agency's responsibility. The renumbering incorporated throughout the manual reflects the Dodd-Frank Act of 2010 transfer of rulemaking responsibility for many consumer financial protection regulations from other Federal agencies to the CFPB. In December 2011, the CFPB published its renumbered regulations in the Federal Register. The renumbered regulations also included certain technical changes but no substantive changes. The CFPB's renumbering reflects the codification of its regulations in Title 12 (Banks and Banking), Chapter X (Bureau of Consumer Financial Protection) of the CFR. For example, before July 21, 2011, the Federal Reserve had rulemaking authority for the Home Mortgage Disclosure Act, which was codified in Title 12, Chapter II (Federal Reserve System), Part 203. The CFPB's implementing regulation for the Home Mortgage Disclosure Act is now codified in Title 12, Chapter X, Part 1003.

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This guide is intended for use by a credit union's board of directors and management, compliance officers, and others having responsibility for compliance as part of their duties. While the guide covers most federal consumer protection laws and regulations that affect credit unions, it does not address all federal laws or any state laws. This guide is divided into five sections: * Overviews - provide a brief description of what is covered in each regulation, what the regulations require of credit unions, and some potential risks; * Review Considerations - contain various areas management should consider when evaluating compliance issues or developing compliance policies; * Checklists - can be used to test compliance with the various laws and regulations, or as a starting point in developing a policy for compliance with the various regulations. The questions are written so that a "yes" answer indicates compliance with the regulation, and a "no" answer indicates a potential problem area; * Glossaries - provide definitions of terms used in the narrative sections of this guide as well as terms used in the laws and regulations; and * Miscellaneous - other additional information.