From Pymnts · PYMNTS · · 1m 10s
CFPB Takes Lighter Touch on Banks
CFPB adopts lighter bank supervision amid funding battle.
In brief
CFPB adopts lighter bank supervision amid funding battle. The CFPB is reducing bank exams to expedited reviews with fewer penalties as Republicans push to cut its funding and staff. Originally reported by Pymnts.
CFPB examiners ease standards
Banks score passing grades with fewer penalties under CFPB's expedited reviews.
Expedited reviews mean minor lapses
More than half the institutions examined earlier this year went through an expedited review with minor lapses and low consumer risk.
Republicans push to scale back CFPB
Trump administration and Republicans seek to reduce CFPB's power and resources, claiming oversight is too burdensome.
White House aims to abolish CFPB
White House sought to abolish CFPB last year, but plans to slash staff by two-thirds are on hold.
CFPB requires humility pledge
Examiners must recite a humility pledge to work collaboratively with institutions during reviews.
House passes CFPB restructuring bill
House Financial Services Committee voted to restructure CFPB with reduced funding and higher oversight thresholds.
Court blocks CFPB funding request
Oregon court ruled CFPB director violated laws by refusing to request funding from the Fed.
What matters most
The CFPB is reducing bank exams to expedited reviews with fewer penalties as Republicans push to cut its funding and staff.
