Regulators Seek Comments on Proposed Revisions to CC Rating System

The Federal Financial Institutions Examination Council ("FFIEC") requested comment on proposed revisions to the Uniform Interagency Consumer Compliance Rating System (more commonly known as the "CC Rating System"). The revisions are intended to: (i) better reflect current consumer compliance supervisory approaches; and (ii) more fully align the rating system with the current risk-based, tailored examination approaches of FFIEC agencies (the Federal Reserve System, the FDIC, the National Credit Union Administration, the OCC, the State Liaison Committee, and the Consumer Financial Protection Bureau).

The FFIEC promised that the proposed revisions would not increase supervisory expectations or add regulatory burdens.

Comments on the proposed revisions must be submitted by 60 days following their publication in the Federal Register.