The Consumer Financial Protection Bureau will limit the amount of time lead examiners and field managers can supervise large banks and other financial companies to five years under a new policy aimed at boosting examiner independence.
The CFPB’s mandatory rotation policy was revealed in a report from the agency’s inspector general released Thursday. The CFPB implemented the five-year rotation policy in September, around the same time the inspector general began its review of examiner independence at the agency.
The new policy satisfied one of the inspector general’s recommendations, but the CFPB could do more to ensure its examiners are free ...
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