The new Consumer Financial Protection Bureau on Tuesday provided more details of how it plans to examine credit unions and banks.
The examination of large financial institutions – including credit unions of $10 billion in assets or larger – "will be an ongoing process of pre-examination scoping and review of information, data analysis, onsite examinations and regular communication with regulated entities, prudential regulators, and as well as follow-up monitoring,'' the new agency said in a statement.
Elizabeth Warren, who came up with the idea for the bureau and is coordinating its setup, said in the statement that it "will be a cop on the beat – examining banks and protecting consumers."
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