19 Dec 2023
Preparing for a CFPB Examination
Agency examinations are a fundamental part of supervising financial institutions and their third-party service providers. Instituted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Consumer Financial Protection Bureau (CFPB) is responsible for ensuring compliance with federal consumer protection laws and regulations related to consumer financial products and services. See this practice note for a general overview of the CFPB’s examination process as well as insight into relevant enforcement actions that may inform practitioners’ regulatory strategy.
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- Preemption in Banking Law and Regulation
Review this practice note to understand the potential conflicts arising under state and federal banking law. The practice note also contains discussion on the implications of federal preemption in U.S. banking regulation and changes affecting federal preemption of state consumer protection laws under Dodd-Frank Act.
- CFPB Examination Checklist
Access this checklist outlining key steps and best practices for financial and non-financial entities regulated by the CFPB to take in preparation for an examination. The checklist includes updated requirements of the CFPB.
- Consumer Financial Protection Act Fundamentals
Explore this practice note for an overview of the consumer financial protection laws and regulations implemented in connection with Title X of the Dodd-Frank Act.
- Legal Framework for U.S. Consumer Regulatory Law
Get an overview of the federal legal framework for financial institutions and entities that provide consumer financial services. This practice note examines the role of the CFPB in regulating consumer financial products and services, and reviews administrative responsibilities of other federal agencies similarly charged with protecting and enforcing consumer rights and regulations.
Practical Guidance Updates
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- Trends & Insights provides the latest in news articles and insights documents on trending areas for financial service and fintech organizations including this article on federal oversight and enforcement of cryptocurrency: US CFPB to begin using authority to examine nonbank companies' risk to consumers.
- CFPB Examination and Investigation Resource Kit, Federal Trade Commission (FTC) Resource Kit, and Fair Lending Regulation Resource Kit include practice notes, templates, and checklists that provide key information to in-house lawyers and counsel advising financial services institutions.
- State Law Comparison Tool--Financial Institution Regulation Topic
Access this tool for federal/state-specific guidance and the ability to compare state laws for banking and non-banking financial institutions in the areas of licensing, capital requirements, AML/CFT guidelines, recordkeeping, supervision, and enforcement authority. - For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics:
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