The Consumer Financial Protection Bureau has decided to pull its enforcement attorneys from exams with financial companies after banks declared their opposition of their presence.
The agency, created under the Dodd-Frank Act, has removed the enforcement attorneys from the regular exams after the banking industry expressed concern from nearly two years about their presence.
"The bureau expected the industry to get comfortable with the policy over time, and it just never happened," said Ronald L. Rubin, a former CFPB enforcement attorney who is now a partner in the Hunton & Williams' Washington office.
The banking industry said the "presence of enforcement attorneys was seen as a threat and hampered open communication with examiners," writes American Banker's Rachel Witkowski.
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