The Consumer Financial Protection Bureau is planning a major facelift to its exam procedures. These changes will be designed to make the exam process faster and free up enforcement personnel to pursue their own investigations outside of the regular exams.
According to the CFPB's No. 2, Steven Antonakes, the changes will get exam reports to companies faster, give enforcement attorneys more time to focus on taking actions, and allow more time to go after other markets, industries or larger participants that require greater oversight.
The agency revealed the first of many changes last week by saying it would no longer send enforcement attorneys to on-site exams as of Nov. 1.
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