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CFPB Updates Supervision Designation Procedures

CFPB Updates Supervision Designation Procedures

The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for both the CFPB and nonbanks.

The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection laws.

  • The CFPB periodically publishes Supervisory Highlights, which share summaries of exam findings without naming specific institutions.
  • The updated process published today reflects changes to the CFPB’s organizational structure and is informed by the CFPB’s experience with the first round of supervisory designation proceedings.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.