🛡️CFPB Modifies Privacy Act System of Records Notice
Privacy Act of 1974; System of Records
Summary
The purpose of the Supervision and Examination Records system of record is to enable the Consumer Financial Protection Bureau (CFPB) to carry out its responsibilities with respect to supervised entities to ensure compliance with Federal consumer protection laws and identify unfair, deceptive, or abusive acts and practices in connection with consumer financial products and services. The CFPB's use of records covered by this system of records to conduct and coordinate examinations and reports, supervisory evaluations and analyses, and enforcement actions (including both CFPB activities and collaborations with other financial regulatory agencies); to track and store examination and inspection documents created during the performance of CFPB's statutory duties; and for administrative purposes to ensure quality control, performance, and improving management processes.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The regulatory notice outlines a modified system of records under the Privacy Act concerning the CFPB's oversight of compliance with consumer protection laws. This could affect business practices and compliance requirements for entities under CFPB jurisdiction, particularly regarding data management and consumer information handling.