TopMortgage Compliance Update (1)
          January 13, 2011
                                        CFPB: Signs Memorandum with CSBS

Follow us on Twitter

Find us on Facebook

View our profile on LinkedIn
Contact Us-3
Action Button Image 1
Our professionals and support staff have extensive experience.

Titles Held

Chief Compliance Officer
General Counsel
Compliance Counsel
Compliance Manager
Senior Regulator (federal)
Senior Examiner (state)
Quality Control VP
Operations EVP
Underwriting EVP
HMDA Auditor
Forensic Loan Auditor
Licensing Manager
SarBox Auditor



Mortgage Compliance

Service Presentations

CORE Compliance

About Us

Our Clientele

News & Views Posts



Contact Us


Mortgage Compliance

Due Diligence

Defaults and Claims

Forensic Mortgage Audit

FHA Examinations

Legal Reviews/Remedies

CORE Compliance Matrix

Loss Mitigation

Mortgage Fraud Audit

Quality Control



Business Development

Policy Guides/QC Plans

Information Security Plans

Email Us
Email Us-4

On January 4, 2011, the Treasury issued a Press Release, entitled:


Federal Consumer Agency to Partner with State Regulators on Supervision of Providers of Consumer Financial Products and Services, Including Mortgage Lenders, Private Student Lenders and Payday Lenders


According to the Press Release, the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) signed a Memorandum of Understanding (MOU) that sets forth an initiative for state regulators and the CFPB to endeavor to "promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden and efficiently deploy supervisory resources."


I have covered the CFPB since its inception as a potential agency to its actual creation through the Dodd-Frank Act. If you want to read some background, please feel free to visit our Library and download these articles.   


  • Part III: Consumer Financial Protection - Bureau and Bureaucracy (10/10)


  • The CFPA Controversy: Asking the Tough Questions (10/09)


  • The Birth of an Agency (Consumer Financial Protection Agency) (09/09)


Or visit our general Archive for the compliance updates.


The MOU also provides that "state regulators and the CFPB will consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of providers of consumer financial products and services," including non depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders.


In the Press Release, Elizabeth Warren, the Special Advisor to the Secretary of the Treasury on the CFPB, stated: "This agreement allows us to bring thousands of financial service providers out of the shadows and to begin the process of ensuring that all lenders comply with the same basic rules."  


And Thomas Gronstal, Chairman of the CSBS, stated: "The formalized coordination between the states and the federal government established by the MOU will do much to create a comprehensive and seamless system of financial supervision and is a step toward a more cooperative system of supervision, which will benefit consumers and financial services providers alike."


Essentially, the MOU outlines three areas of cooperation:


1) Promoting consistent examination procedures and enforcement of state and federal consumer laws;


2) Minimizing regulatory burden and efficiently deploying supervisory resources; and,


3) Consulting each other regarding the standards, procedures, and practices used to conduct compliance examinations of providers of consumer financial products and services, including non-depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders. 


Best wishes, 


Visit Library for IssuanceLibrary
  Law Library Image

Memorandum of Understanding: CFPB and CSBS Press Release

January 4, 2011

Suite of Services and Specializations

Mortgage Compliance                 Compliance Administration

Defaults and Claims Reviews        Forensic Mortgage Audit

Mortgage Defaults Task Force       Mortgage Quality Control

FHA Examinations               State and Federal Examinations

Mortgage Due Diligence     FNMA|FHLMC|GNMA Applications

Legal Reviews & Remedies          Loss Mitigation Compliance

Sarbanes-Oxley Compliance           HMDA & CRA Processing

Mortgage Fraud Audit                   Disaster Recovery Plans

CORE Compliance Matrix�                         Statutory Licensing

Business Development                Information Security Plans

IT & IS Compliance                                     RESPA-AfBAs

Lenders Compliance Group
is the first full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of hands-on and automated services in residential mortgage banking.

We are pioneers in outsourcing solutions for mortgage compliance.

This communication is sent to our valued clients and colleagues, who regularly receive our Mortgage Compliance Updates, Compliance Alerts, and Commentaries.

These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.

� 2007-2011 Lenders Compliance Group, Inc. All Rights Reserved.