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U.S. bank examiners to keep close eye on consumer issues, collaborate with new bureau

Jan 31 2013 Emmanuel Olaoye, Compliance Complete

Bank examiners must give consumer compliance matters the same close scrutiny as trading books and credit portfolios, the head of the U.S. Office of Comptroller of the Currency told regulatory consumer compliance officials on Wednesday. The financial crisis and the recent Hurricane Sandy highlighted the importance of issues such as flood insurance, foreclosure processing, and credit cards, Comptroller of the Currency Thomas Curry told an audience of federal and state bank examiners. Examiners for established regulators and the new Consumer Financial Protection Bureau will work together on consumer compliance issues and coordinate their exams, even as they scrutinize different issues of importance to the individual agencies. In addition, technological innovations such as smartphones and PayPal may offer convenience to bank customers but they also bring the threat of cyberattacks and serious compliance risks, Curry said. "No matter what else is going on, we simply can't let the

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