According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process.
Politico reported that an OCC spokesman indicated that that the reviews will cover sales practices related to consumers and small businesses, including deposits, loans or private banking or wealth management products for which employee incentives were offered. While Politico reported that all of the agencies will be conducting reviews, a Wall Street Journal article indicated that only the OCC has sent formal letters to banks asking about their sales practices and incentive-compensation structures.
