At a time when the CFPB is getting accustomed to a new director, the CFPB has been found to have gone outside its examination authority, according to the Office of the Inspector General (OIG).
According to a report released in March, OIG identified instances in which the Consumer Financial Protection Bureau (CFPB) examined financial service providers that were outside of the agency’s jurisdiction. Specifically, the Division of Supervision, Enforcement and Fair Lending (SEFL), “inadvertently scheduled examinations at institutions that are outside its supervisory jurisdiction because it did not have sufficient information about those institutions,” the report says.
The OIG reportedly identified “multiple instances” of this occurring during its review period, which consists of 2017 and 2018 supervisory planning cycles. However, the report also states that OIG understands that similar occurrences took place in planning cycles that pre-date 2017.