To help promote consistency among regulatory agencies, the CFPB announced it will begin issuing Consumer Financial Protection Circulars to other agencies that also enforce federal consumer financial protections.
These circulars will include guidance on the CFPB’s enforcement efforts and will also be available publicly.
Here are a couple already available:
Circular 2022-01 explains these Circulars will provide some background information on the topic(s) being discussed; communicate considerations the CFPB has taken into account in its enforcement; and advise other agencies in their efforts.
Circular 2022-02 discusses misrepresenting the presence of deposit insurance with use of the FDIC name or logo.
Consistency among regulators sounds like a good idea, which is what the CFPB is seemingly trying to do here. It’s currently working to identify issues where this communication would be most beneficial.
News of these circulars is in line with statements made by CFPB Director Chopra in presenting the agency’s Semiannual Report, as he indicated…the CFPB will dramatically increase its issuance of guidance documents. Check out our May 2022 edition of Banking on BCC for more details on the CFPB’s Semi-annual Report!