The federal bank and credit union regulatory agencies (including the Consumer Financial Protection Bureau (CFPB)), acting through the Federal Financial Institutions Examination Council (FFIEC), have substantially revised the Uniform Interagency Consumer Compliance Rating System (Rating System). The new Rating System substantially reconfigures the legacy ratings system for consumer compliance, which is a standardized system used by federal and state bank supervisors to assess and rate the level and quality of a regulated financial institution’s compliance with consumer laws and regulations (not including the Community Reinvestment Act, which is separately reviewed and evaluated).
The new Ratings System, which was previously proposed for comment in May 2016, takes effect on March 31, 2017. It will apply to all banks and credit unions that are federally regulated as well as all firms that are subject to CFPB regulation and supervision. The Rating System also will be used by state bank regulatory agencies, consistent with individual states’ examination and supervision policies and practices.