NEW ORLEANS–As a means of streamlining rulemaking, federal financial institution regulators are working on a “joint data intake system,” the CFPB’s director told a bank group meeting here.
Consumer Financial Protection Bureau Director Kathy Kraninger told the American Bankers Association (ABA) conference the federal agencies that are part of the Federal Financial Institutions Examination Council (FFIEC)–which Kraninger chairs and which includes NCUA–are involved in creation on the joint system, according to the ABA Banking Journal.
Moreover, Kraninger said the CFBP is coordinating with other prudential regulators in its examinations, particularly by relying on data gathered by other regulators. “Is there an opportunity for the Bureau to do a much more narrow exam looking at similar data at a similar point in time,” she asked during a question and answer period, the ABA Banking Journal reported. Separately, Kraninger told the bankers at the meeting the CFPB “is not going away,” saying it continues to have a role in protecting consumers against bad actors in the marketplace.
“Purposeful enforcement is about utilizing robust resources most effectively to focus on the right cases, to reinforce clear rules of the road and to prevent harm by making sure that bad actors are held to account,” the Banking Journal quoted Kraninger as saying.