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Supervision and Examination Manual – Version 2.0

On October 31, 2012, we released version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Our manual, originally released in October 2011, describes how the CFPB supervises and examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws.

Download the CFPB Supervision and Examination Manual – Version 2.0 in PDF format.

We have also issued additional guidance (which will be incorporated into the Exam Manual at a later date):

  • January 10, 2014 – Mortgage Origination examination procedures
  • January 10, 2014 – Mortgage Servicing examination procedures
  • December 3, 2013 – Education loan examination procedures
  • November 27, 2013 – RESPA procedures – home ownership and equity protection (January 2014) and mortgage servicing requirements (January 2014)
  • November 27, 2013 – TILA procedures – Higher-Priced Mortgage Loan Appraisals (January 2014), Escrow Accounts (June 1, 2013), Loan Originator Compensation (January 2014), Ability-to-Repay/Qualified Mortgages (January 2014), High-Cost Mortgages (January 2014), and Mortgage Servicing Requirements (January 2014)
  • October 30, 2013 – Updated Regulation E examination procedures (including remittance transfers)
  • October 22, 2013 – Remittance transfer examination procedures (Other resources to help you comply with the remittance transfer requirements are available here)
  • October 9, 2013 – HMDA resubmission schedule and guidelines
  • September 17, 2013 – Short-term, small-dollar lending procedures – military lending act
  • July 19, 2013 – ECOA baseline review procedures
  • June 4, 2013 – ECOA procedures – appraisal and valuation requirements (January 2014)
  • October 24, 2012 – Debt collection examination procedures

Learn more about the previous updates to the TILA, RESPA, and ECOA procedures in our June and August updates.

Questions about the manual should be sent to CFPB_Supervision@CFPB.gov.

We updated the supervision manual to reflect the renumbering of the consumer financial protection regulations for which the CFPB is responsible. The numbering conventions in the Code of Federal Regulations (CFR) allow the reader to easily identify which regulations fall under a particular agency’s responsibility. The renumbering incorporated throughout the manual reflects the Dodd-Frank Act of 2010 transfer of rulemaking responsibility for many consumer financial protection regulations from other Federal agencies to the CFPB. In December 2011, the CFPB published its renumbered regulations in the Federal Register. The renumbered regulations also included certain technical changes but no substantive changes. The CFPB’s renumbering reflects the codification of its regulations in Title 12 (Banks and Banking), Chapter X (Bureau of Consumer Financial Protection) of the CFR. For example, before July 21, 2011, the Federal Reserve had rulemaking authority for the Home Mortgage Disclosure Act, which was codified in Title 12, Chapter II (Federal Reserve System), Part 203. The CFPB’s implementing regulation for the Home Mortgage Disclosure Act is now codified in Title 12, Chapter X, Part 1003.

In addition to changes related to the renumbering of the CFPB regulations, the manual incorporates updated interagency examination procedures for the Truth in Lending Act (TILA) and for the Fair Credit Reporting Act (FCRA), both of which were revised to reflect statutory and regulatory changes. Specifically, changes to the TILA procedures include amendments to TILA and its implementing Regulation Z pursuant to the Credit Card Accountability Responsibility and Disclosure Act of 2009. Changes to the FCRA procedures include Dodd- Frank Act amendments that require the disclosure of a credit score and related information when a credit score is used in taking an adverse action or in risk-based pricing.

Finally, we updated the manual to incorporate:

  • new examination procedures released since the issuance of the manual in October 2011 (covering mortgage origination; short-term, small-dollar lending; SAFE Act; and consumer reporting);
  • the June 21, 2012, Interagency Guidance on Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders; and
  • technical corrections and formatting changes.

We welcome feedback and suggestions from industry representatives and participants, consumer groups, and members of the public. Comments may be sent to CFPB_Supervision@CFPB.gov.

This examination manual provides internal guidance to supervisory staff of the CFPB. It does not bind the CFPB and does not create any rights, benefits, or defenses, substantive or procedural, that are enforceable by any party in any manner. While every effort has been made to ensure accuracy, examination procedures should not be relied on as a legal reference.