RESPA: THE CONSUMER FINANCIAL PROTECTION BUREAU UNVEILS SUPERVISION AND EXAMINATION MANUAL

The Consumer Financial Protection Bureau “CFPB” recently released the Supervision and Examination Manual–Version 1.0 which is the Manual the CFPB will use to supervise and examine consumer financial service providers under its authority. The Supervision and Examination Manual “SEM” is divided up into three sections. Section I details the supervision and examination process. Section II outlines the compliance examination procedures. Section III is the risk assessment template which was designed to keep an eye on possible risks to consumers by CFPB supervised entities.