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| CFPB takes action to Reduce Examinations |
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The CFPB will reduce its exams and shift to a virtual-only supervision format in 2026. This is the latest in a series of deregulatory actions by CFPB Acting Director Russel Vought.
“After years of our advocacy efforts to improve the examination and supervision process, the CFPB acted to remove friction and some exam burdens for larger credit unions. For those credit unions subject to CFPB oversight, a streamlined and modern examination process will limit what has often been a lengthy and laborious effort to instead direct more resources toward serving members and strengthening compliance systems,” said America’s Credit Unions President/CEO Scott Simpson. “Effective supervision remains essential to maintaining consumer trust and a safe and sound financial system. We will continue to advocate for appropriate oversight that balances consumer protection with the burden and expense it places on credit union staff.
A spokesperson for the bureau confirmed these changes Friday, with reports indicating that examiners will also “no longer ask invasive and irrelevant questions, demanding expansive information they do not need.”
The bureau is also working on a rule to formally remove disparate impact from enforcement of the Equal Credit Opportunity Act (ECOA). America’s Credit Unions commented on the proposed changes to ECOA enforcement in December, offering support for updates that “strike an appropriate balance by upholding the law’s intent while providing greater clarity for lenders and consumers.”
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