Examinations of Financial Institutions Do Not Assure Compliance with Consumer Credit Laws

摘要

Financial regulatory agencies' programs for enforcing consumer credit protection laws were inconsistent and, for the substantive aspects of some laws, inadequate. As a result, consumers have not been assured consistent protection, and financial institutions have not been treated equally. GAO recommends that regulators modify their programs to emphasize the substantive principles of consumer credit laws. Regulators should reassess the objectives of compliance examinations, continue plans to recruit and train specialized examiners, adopt uniform detailed examination procedures, and establish uniform standards for enforcing compliance with consumer credit laws.