Bureau Examination Fairness Act

To amend the Consumer Financial Protection Act of 2010 to provide requirements that must be followed by the Bureau of Consumer Financial Protection when carrying out certain examinations. 1. Short title This Act may be cited as the Bureau Examination Fairness Act 2. Examination requirements (a) In general The Consumer Financial Protection Act of 2010 is amended by inserting after section 1026 the following: 1026A. Examination requirements (a) Non-Inclusion of enforcement attorneys The Bureau may not include enforcement attorneys when performing examinations pursuant to section 1024, 1025, or 1026. (b) Data requests In any request for data from an entity supervised by the Bureau pursuant to section 1024, 1025, or 1026, the Bureau shall— (1) ensure that the different divisions of the Bureau coordinate with each other before the data is requested; (2) accompany each request with a written statement of intended use for the data being requested; (3) use peer-reviewed data sampling based on limited data sets rather than requesting full data sets, unless the Director determines, in writing, that requesting full data sets is necessary; and (4) with respect to a data request with respect to which the Bureau anticipates the cost of complying with such request will exceed $50,000 per company, provide the entity with the written approval of the Director for such request. (c) Examination time period When respect to an examination conducted by the Bureau, the Bureau shall— (1) complete the examination field work and conduct an exit interview with the entity being examined not later than the end of the 60-day period beginning on the date the examination begins; and (2) produce a report of examination or supervisory letter— (A) not later than the end of the 120-day period beginning on the date the examination is completed; or (B) if the Director authorizes an extension and provides a written justification for such extension, not later than end of the 180-day period beginning on the date the examination is completed. (d) Prohibition on concurrent examinations The Bureau may only perform one limited-scope examination of an entity at any one time. . (b) Clerical amendment The table of contents under section 1 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 1026 the following: Sec. 1026A. Examination requirements. .

Summary: Bureau Examination Fairness Act - Amends the Consumer Financial Protection Act of 2010 to prohibit the Consumer Financial Protection Bureau (CFPB) from including enforcement attorneys when examining entities under its jurisdiction. Requires the CFPB, when requesting data from such entities, to: (1) ensure that the different divisions of the CFPB coordinate with each other before the data is requested, (2) accompany each request with a written statement of its intended use, and (3) use peer-reviewed data sampling based upon limited data sets rather than requesting full data sets (unless the Director determines, in writing, that requesting full data sets is necessary). Directs the CFPB also, with respect to a data request whose cost of compliance is anticipated to exceed $50,000 per company, to give the entity the Director's written approval for the request. Requires the CFPB to: (1) complete examination field work and conduct an exit interview with the entity being examined within 60 days after the examination begins, and (2) produce a report of examination or supervisory letter within 120 days after the examination is completed. Restricts the CFPB to performing only one limited-scope examination of an entity at any one time.