Consumer Financial Protection Bureau (CFPB) Releases Examination Manual
The CFPB just released Supervision and Examination Manual Version 1.0. This is a significant step for the CFPB because the document sets forth the guidelines it will follow in examining financial institutions. Even though only a couple of credit unions are currently directly examined by the CFPB, credit unions will find this resource useful in its own right. The manual contains an overview, examination procedures, and checklists for each regulation. Whether a credit union is looking for training session materials on a specific issue or testing its compliance with consumer protection statutes, this guide is a great resource and easy to use.