Regulators considering ‘joint data intake’ system for streamlining exams, bureau leader says

Federal financial institution regulators are working on a “joint data intake system,” the director of the federal consumer financial protection told a group of bankers Tuesday, as the agency looks for ways to streamline its rulemaking systems.

Consumer Financial Protection Bureau (CFPB) Director Kathleen (“Kathy”) Kraninger said in remarks at an American Bankers Association (ABA) conference in New Orleans that her agency is working with other federal agencies through the Federal Financial Institutions Examination Council (FFIEC) on the joint system. Kraninger was recently named chairman of the FFIEC. ABA Banking Journal first reported Kraninger’s remarks.

She also indicated that the bureau 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.

In other comments, the CFPB director said the agency “is not going away” and acknowledged that one of its roles in protecting consumers is to go after 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,” she said.

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