The CFPB announced the reorganization of its supervision office on Monday in order to fulfill its mission of protecting American consumers.
Though the CFPB will keep its two supervision offices at headquarters, the agency will devote one office to policy and examinations.
“Until now, our Headquarters staff has been organized into offices for Nonbank and Large Bank Supervision,” the CFPB said. “The previous arrangement made sense while the Bureau was starting its work, as we had two distinct supervisory mandates…We have now successfully launched supervision programs for both non-banks and large banks. Now our goal is to make these programs as efficient and effective as possible, and this reorganization will help us do that. We are reorganizing into two teams: the Supervision Examinations team and the Supervision Policy team.”
The examinations team will devote its resources to the oversight of CFPB efforts to recruit, train and commission bank examiners, ensure compliance with internal policy, and plan and execute examinations. Paul Sanford will serve as the acting assistant director of the office.
The policy team will be responsible for developing supervision strategy and policy for both non-banks and banks. Peggy Twohig will serve as assistant director for the office.
“Our goal has always been to have one cohesive supervision program, and this is another step in that process,” the CFPB said. “All along, our regional examination staff has covered both non-banks and large banks. This new organization will lead to a better and more coordinated approach to the markets we supervise and a sharper line of sight across both banks and non-banks. Supervision is one of the Bureau’s key tools to ensure compliance with federal consumer financial law. Better coordination and visibility will help us better fulfill our mission.”