The Clearing House (TCH) filed a comment letter to the Bureau on its Enforcement Processes RFI. The comment letter contains a range of specific recommended reforms to the Bureau’s processes including the following five overarching suggestions: (i) the Bureau should avoid “regulation by enforcement” by ensuring that enforcement actions are grounded in existing law and regulations; (ii) the Bureau should ensure that the Notice and Opportunity to Respond and Advise (NORA) process provides a meaningful opportunity to respond to the Bureau’s findings; (iii) the Bureau should refine its approach for determining the type and amount of enforcement remedies and for terminating consent orders; (iv) the Bureau should implement a reasonable, clear, and consistent approach to determining applicable limitations periods and seeking tolling agreements; and (v) the Bureau should institute a policy to refrain from requesting or using attorney-client privileged materials in enforcement actions.
You Might Also Be Interested In...
Supervision & Enforcement BPI Comments on Financial Stability Board’s Report on Supervisory and Regulatory Approaches to Climate-related Risks
Consumer Affairs BPI and American Financial Services Association Comment on CFPB’s Exam Manual Changes
Supervision & Enforcement FDIC Keeps Public in the Dark on Appeals Process and Discards Due Process Protections
Bank Capital and Stress Testing A Modification to the Basel Committee’s Standardized Approach to Operational Risk
Supervision & Enforcement BPI and Coalition of Trades Comment on CFPB Adjudication Proceeding Practices
Bank Capital and Stress Testing Consistency in Risk Weights for Corporate Exposures Under the Standardized Approach
More Posts by This Author
Digital Assets BPI Comments on Treasury Department Review of Digital Assets in Response to Executive Order
Community Reinvestment Act BPI Comments on Federal Banking Agencies’ Community Reinvestment Act Proposal
Bank Liquidity The Bank of England Just Released Its Plan for Getting Smaller. The Fed Could Learn from it.