The Consumer Financial Protection Bureau (CFPB) was formed through the Dodd Frank Act and took over direct regulation of member compliance issues for credit unions as of July 21, 2011.

Although CFPB will initially focus on credit unions over $10 billion in assets, the direction of the Bureau will impact all credit unions as they set the tone for member compliance examination. The new examination manual is therefore of great interest to all financial institutions.

The Bureau is starting to examine the larger credit unions and issued examination manuals in October 2011. The Bureau can also participate in examinations of smaller financial institutions, along with the primary federal regulators (FDIC, FRB, OCC, NCUA). Additionally, the Bureau has taken over “ownership” of a lengthy list of member regulations from the Federal Reserve.

Please join us for a complimentary briefing during which we will discuss:

• What is the mission of the Bureau?
• What are areas of primary focus – the “Core Functions” of the CFPB?
• What is the Office of Servicemembers Affairs?
• What regulations are now “owned” by the CFPB? What regulations did not move to the new Bureau?
• UDAAP – The new manual defines abusive practices! What to look for.
• What is new in the manual in the sections built upon prior examination manuals (HMDA, TILA, RESPA, etc.)
• Efforts on the combined early TILA and GFE  (Know Before You Owe) – What is the status? Can we expect more combined disclosures?

And, we'll take your questions!