Media reports say, based on a memo from the CFPB, the process is set to take six months.
10/22/2020 11:30
The Consumer Financial Protection Bureau is starting the process to reorganize its supervision and enforcement departments, according to a report from Bloomberg Law.
Bloomberg Law obtained a memo from the CFPB outlining the reorganization, which would reportedly require the enforcement office to obtain approval from a new office within the Supervision, Enforcement and Fair Lending Division (SEFL) to initiate new investigations.
The memo also states the process would take about six months, according to the article. According to the memo written by CFPB Associate Director Bryan Schneider, the new reorganization is meant to “increase efficiency, promote role clarity, reduce friction, establish consistency in policy and strategic outcomes SEFL-wide, and leverage existing expertise across SEFL,” Bloomberg Law reports.
The new SEFL Office of SEFL Policy and Strategy created through the reorganization will be led by Peggy Twohig, the CFPB’s assistant director for supervision policy. Twohig’s approval will be required for “any new research matters or investigations the enforcement office undertakes,” according to the article.
The bureau’s SEFL division ensures compliance with federal consumer financial laws by supervising market participants and bringing enforcement actions when appropriate, according to the CFPB website.
The bureau’s organizational chart on its website was last updated Oct. 5, 2020, and lists a vacant position for policy associate director for the SEFL division.