The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.
The bureau is tasked with supervising companies to determine their compliance with federal consumer financial laws, to assess risks to consumers and to help ensure a fair and transparent marketplace for consumers.
Under its authority, the CFPB oversees banks and credit unions with assets over $10 billion, and their affiliates, and is also the first federal agency with supervisory authority over certain nonbank financial companies, such as mortgage lenders and servicers, payday lenders, and private student lenders. They also oversee certain large debt collectors, consumer reporting agencies, student loan servicers and international remittance providers.
The CFPB issued a bulletin, found here, to provide guidance on what types of information constitute confidential supervisory information.
The bulletin gives the following examples of CSI:
- CFPB examination reports and supervisory letters
- All information contained in, derived from, or related to those documents, including an institution’s supervisory compliance rating
- Communications between the CFPB and the supervised financial institution related to the CFPB’s examination of the institution or other supervisory activities
- Other information created by the CFPB