New Consumer Bureau to Open Regional Office in S.F.

The Consumer Financial Protection Bureau (CFPB) is opening a regional office in San Francisco that will oversee the examination of lenders in 17 Western states. Edwin L. Chow, a former deputy regional director with the Office of Thrift Supervision (OTS), will be the regional director in charge of the CFPB's San Francisco office, a spokeswoman said. The CFPB is not releasing many details about the San Francisco office. In a recent press release the CFPB said, "A diverse and talented team of examiners throughout the country, managed out of satellite offices in Chicago, New York, San Francisco and Washington, D.C., will form the front line in the CFPB's supervisory efforts. Each of these satellite offices will be the nexus for CFPB supervision in their respective areas of the country." According to the release, examiners working in those offices "will spend much of their time on-site at depository institutions and at other consumer financial services companies." Furthermore, a big part of its supervisory staff will be "experienced examiners" transferring from the Federal Deposit Insurance Corp., Federal Reserve, Office of the Comptroller of the Currency and OTS.

SF Gate (07/19/11) Pender, Kathleen