The Consumer Financial Protection Bureau has realigned its Supervision Department into two groups: Supervision Policy and Supervision Examinations.
The Policy team will review policy decisions for supervision and make sure they're consistent with the law and the CFPB's mission. The until also will look to ensure the decisions are consistent across markets, charters and regions.
The CFPB is organizing the office by product or service market rather than by the type of financial institution. Each team will be responsible for developing supervision strategy and policy across both bank and nonbank markets. Peggy Twohig will be the Assistant Director of the office.
The Examinations unit will be involved in processes and work important to the main office and to examiners nationwide. The unit will oversee CFPB efforts to: recruit, train, and commission examiners; ensure policies and procedures are followed; and plan and execute examinations.
Four regional offices will report to Supervision Examinations, and Paul Sanford will serve as the Acting Assistant Director of this Office.
The CFPB’s Supervision unit previously was housed at its Washington, DC headquarters and grouped into offices for Nonbank and Large Bank Supervision.
When the CFPB officially launched in 2011, its Supervision unit took over the examination duties for large banks and thrifts. Since then, it has launched nonbank supervision programs for most of the industries it covers.