For Immediate Release
April 29, 2016
The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological and market changes since the system was established.
The Consumer Compliance Rating System is a supervisory policy for evaluating financial institutions’ adherence to consumer compliance requirements. The FFIEC today released its proposal to revise the Consumer Compliance Rating System to reflect consumer compliance supervisory approaches already being used.
The revisions are designed to more fully align the rating system with the FFIEC agencies’ current risk-based, tailored examination approaches. The proposed revisions were not developed with the intention of setting new or higher supervisory expectations for financial institutions; their adoption will represent no additional regulatory burden.
The FFIEC invites public comments on any aspect of the attached proposal. Comments must be received 60 days from publication in the Federal Register. All comments received, including any personal information provided, will be posted, generally without change, to www.regulations.gov.
Attachment
FFIEC CCR System Federal Register Notice #FFIEC-2016-0001
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
For Immediate Release
April 29, 2016
The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological and market changes since the system was established.
The Consumer Compliance Rating System is a supervisory policy for evaluating financial institutions’ adherence to consumer compliance requirements. The FFIEC today released its proposal to revise the Consumer Compliance Rating System to reflect consumer compliance supervisory approaches already being used.
The revisions are designed to more fully align the rating system with the FFIEC agencies’ current risk-based, tailored examination approaches. The proposed revisions were not developed with the intention of setting new or higher supervisory expectations for financial institutions; their adoption will represent no additional regulatory burden.
The FFIEC invites public comments on any aspect of the attached proposal. Comments must be received 60 days from publication in the Federal Register. All comments received, including any personal information provided, will be posted, generally without change, to www.regulations.gov.
Attachment
FFIEC CCR System Federal Register Notice #FFIEC-2016-0001
Media Contacts
Agency
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Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, State Liaison Committee