|October 31, 2013|
Previously published on October 29, 2013
In a wide-ranging interview with American Banker, Steven Antonakes, the CFPB’s Deputy Director, discussed the CFPB’s plans for the future of its Office of Supervision.
Antonakes explained that the Bureau plans to implement a “prioritization framework” to efficiently allocate its examination resources. In setting priorities, the Bureau will consider: “the size of a product market; a regulated entity’s market share in that product market; the potential for consumer harm related to a particular product market; and field and market intelligence that encompasses a range of issues including, but not limited to, the quality of a regulated entity’s management, the existence of other regulatory actions, default rates and consumer complaints.”
Antonakes also noted the Bureau’s plans to increase the size of the Office of Supervision by 20-30 percent to roughly 600 people by the end of 2014.
Addressing the Bureau’s efforts to improve the turn-around time for its examination reports, Antonakes said the Bureau wants to issue such reports within 90-120 days from the time when examiners finish their on-site work.
Finally, looking to future rulemakings, Antonakes noted that the CFPB hopes to issue its third larger participant proposed rule in the student loan servicing market by the end of the year.