Perhaps signaling an intention to ramp up its examinations of financial institutions, the Consumer Finance Protection Bureau (“CFPB”) issued a call of duty for new field examiners. Describing the position as the CPFB’s “boots on the ground,” the job announcement invites applications before midnight on March 22nd for a hands-on role on the supervision team. The work would involve examinations of large banks and nonbank companies throughout the country, implementing the CFPB’s “consumer-centered approach to supervision” based on risks to consumers in the policies, practices and activities of consumer financial providers. Examiners review and analyze data, conduct on-site exams, communicate regularly with companies under the CFPB’s supervision and other regulators and conduct follow-up monitoring.
According to one examiner quoted in the release, “[y]ou should apply because we need you. This is not a job where you will sit back and ‘learn the ropes.’ Rather, you will be given every opportunity to exercise your unique strengths. You will learn and grow, but your active participation will be expected from day one.” It remains to be seen whether the CFPB will heed the Chamber of Commerce’s recent call for “a much greater focus on training and recruiting experienced personnel” to improve its examination processes, but the inclusion of this quotation in its recruitment materials does not offer a great deal of hope.