CFPB Deputy Director Steve Antonakes outlined last week the agency’s efforts aimed at expanding and improving services for the unbanked and underbanked and educating consumers on financial products and services.
The agency recently launched the Your Money, Your Goals program, which is used by social services staff to help clients manage their finances by identifying financial goals, creating savings plans and managing debt.
Antonakes also discussed the agency’s “dual authority” to level the playing field between banks and non-banks “relative to compliance with federal consumer financial laws.”
“This…provides the Bureau with the opportunity to oversee consumer financial products and services across charters and business models,” Antonakes said. “Consequently, charter or license type is becoming less relevant in determining how we will prioritize and schedule our examinations and investigations. Accordingly, we have begun to implement a prioritization framework that allocates our examination, investigation, and fair lending resources across product types. This strategy intentionally moves us away from static examination cycles.”
Antonakes said the CFPB also has the ability to use its enforcement tools outside of supervisory and examination processes.
“We do this by listening to and analyzing consumer complaints, industry whistleblower tips, and information from government agencies, industry, and consumer groups,” Antonakes said. “If we find possible violations, we have enforcement authorities that are both inherited and new.”