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CONSUMER FINANCIAL PROTECTION BUREAU: Federal consumer financial law which includes among other things, TITLE X which prohibits unfair, deceptive, abusvie acts and practices in connection with consumer financial products and services, and the "enumerated consumer laws" and the implementing regulations see footnotes; CFPG oversight Service Providers that are not covered by Secs. 1025 or 1026 of the Act; certain entities and individuals offering/ providing consumer financial products or services. SEC 1024 applies to entities/individuals who offer/provide Mortgage Related Products/Services, Payday and Private Student Loans, as well as larger participants of other consumer financial service or product markets defined by a CFPB rule; Sec 1025 authorizes CFPB to supervise those entities that are larged insured depository institutions and credit union with more that $10 Billion total assets, and all their affiliates (including subsidiaries) as well as service providers for such entities; - I

CONSUMER FINANCIAL PROTECTION BUREAU: Federal consumer financial law which includes among other things, TITLE X which prohibits unfair, deceptive, abusvie acts and practices in connection with consumer financial products and services, and the "enumerated consumer laws" and the implementing regulations see footnotes; CFPG oversight Service Providers that are not covered by Secs. 1025 or 1026 of the Act; certain entities and individuals offering/ providing consumer financial products or services. SEC 1024 applies to entities/individuals who offer/provide Mortgage Related Products/Services, Payday and Private Student Loans, as well as larger participants of other consumer financial service or product markets defined by a CFPB rule; Sec 1025 authorizes CFPB to supervise those entities that are larged insured depository institutions and credit union with more that $10 Billion total assets, and all their affiliates (including subsidiaries) as well as service providers for such entities; - I

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Published by Mary Cochrane

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and authorizes it to supervise certain consumer financial services companies and large depository institutions and their affiliates for consumer protection purposes.

Based on documented information in a loan file, (1) a loan application appears to containfalse information, (2) an appraisal for real property appears to contain false information,or (3) a document used to verify loan eligibility appears to contain false information.(Documents used to verify loan eligibility include but are not limited to bank statements,Forms 1099, Forms W-2, and/or federal income tax returns.)

Documents used to verify loan eligibility that clearly document that the customer hassubstantially greater income than the income that the customer reported on Federalincome tax returns. Documents used to verify loan eligibility include statements showinga customer’s investment portfolio, bank statements, and/or Forms 1099.

----> LINK: Purpose Section 1021 Act http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

Sec. 1024 of the Act authorizes CFPB to supervise certain entities and individuals that engage in offering or providing a consumer financial product or service and their service providers that are not covered by Secs. 1025 or 1026 of the Act.

Sec. 1002(14) for the definition of "Federal consumer financial law."

Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.);

• Consumer Leasing Act of 1976 (15 U.S.C. 1667 et seq.);

• Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.), except with respect to Section 920 of that Act;

• Equal Credit Opportunity Act (15 U.S.C. 1691et seq.);

• Fair Credit Billing Act (15 U.S.C. 1666 et seq.); • Fair Credit Reporting Act (15 U.S.C. 1681et seq.), except with respect to Sections 615(e) and 628 of that Act (15 U.S.C. 1681m(e), 1681w);

• Home Owners Protection Act of 1998 (12 U.S.C. 4901 et seq.);

• Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.);

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and authorizes it to supervise certain consumer financial services companies and large depository institutions and their affiliates for consumer protection purposes.

Based on documented information in a loan file, (1) a loan application appears to containfalse information, (2) an appraisal for real property appears to contain false information,or (3) a document used to verify loan eligibility appears to contain false information.(Documents used to verify loan eligibility include but are not limited to bank statements,Forms 1099, Forms W-2, and/or federal income tax returns.)

Documents used to verify loan eligibility that clearly document that the customer hassubstantially greater income than the income that the customer reported on Federalincome tax returns. Documents used to verify loan eligibility include statements showinga customer’s investment portfolio, bank statements, and/or Forms 1099.

----> LINK: Purpose Section 1021 Act http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

Sec. 1024 of the Act authorizes CFPB to supervise certain entities and individuals that engage in offering or providing a consumer financial product or service and their service providers that are not covered by Secs. 1025 or 1026 of the Act.

Sec. 1002(14) for the definition of "Federal consumer financial law."

Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.);

• Consumer Leasing Act of 1976 (15 U.S.C. 1667 et seq.);

• Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.), except with respect to Section 920 of that Act;

• Equal Credit Opportunity Act (15 U.S.C. 1691et seq.);

• Fair Credit Billing Act (15 U.S.C. 1666 et seq.); • Fair Credit Reporting Act (15 U.S.C. 1681et seq.), except with respect to Sections 615(e) and 628 of that Act (15 U.S.C. 1681m(e), 1681w);

• Home Owners Protection Act of 1998 (12 U.S.C. 4901 et seq.);

• Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.);

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Published by: Mary Cochrane on Dec 10, 2012
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09/17/2013

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October 1, 2012To the Reader:Today we are releasing Version 2 of the
CFPB Supervision and Examination Manual,
the guideour examiners use in overseeing companies that provide consumer financial products andservices. Our manual, originally released in October 2011, describes how the CFPB supervisesand examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws.We updated the supervision manual to reflect the renumbering of the consumer financialprotection regulations for which the CFPB is responsible. The numbering conventions in theCode of Federal Regulations (CFR) allow the reader to easily identify which regulations fallunder a particular agency’s responsibility. The renumbering incorporated throughout the manualreflects the Dodd-Frank Act of 2010 transfer of rulemaking responsibility for many consumerfinancial protection regulations from other Federal agencies to the CFPB. In December 2011, theCFPB published its renumbered regulations in the
Federal Register 
. The renumbered regulationsalso included certain technical changes but no substantive changes. The CFPB’s renumberingreflects 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 FederalReserve had rulemaking authority for the Home Mortgage Disclosure Act, which was codified inTitle 12, Chapter II (Federal Reserve System), Part 203. The CFPB’s implementing regulationfor 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 manualincorporates 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 statutoryand regulatory changes. Specifically, changes to the TILA procedures include amendments toTILA and its implementing Regulation Z pursuant to the Credit Card AccountabilityResponsibility 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 whena 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; andconsumer reporting);
the June 21, 2012, Interagency Guidance on Mortgage Servicing Practices ConcerningMilitary Homeowners with Permanent Change of Station Orders; and
technical corrections and formatting changes.The CFPB welcomes feedback and suggestions from industry representatives and participants,consumer groups, and members of the public. Comments may be sent toCFPB_Supervision@CFPB.gov.
 
 
Preface
 
Preface
 
Table of Contents
Part I – Compliance Supervision and Examination
Supervision and Examination Process
 
Overview
 
Examination Process
Part II – Examinations Procedures
A. Compliance Management SystemCompliance Management Review
 
Examination ProceduresB. Product-Based ProceduresConsumer Reporting Larger Participants
 
Examination ProceduresMortgage Origination
 
Examination ProceduresMortgage Servicing
 
Examination ProceduresShort-Term, Small-Dollar Lending
 
Examination ProceduresC. Statutory- and Regulation-Based ProceduresUnfair, Deceptive or Abusive Acts or Practices
 
Narrative
 
Examination ProceduresEqual Credit Opportunity Act
 
Narrative
 
Examination Procedures
 
Interagency Fair Lending Examination Procedures
 
Interagency Fair Lending Examination Procedures – AppendixHome Mortgage Disclosure Act
 
Narrative