The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Advanced Search About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Home > News & Events > Press Releases Joint Press Release June 04, 2012 Agencies sign Memorandum of Understanding on supervisory coordination Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 11:00 a.m. EDT Share Five federal supervisory agencies today released a Memorandum of Understanding (MOU) that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Section 1025 of the Dodd-Frank Act requires that the Consumer Financial Protection Bureau (CFPB) and the prudential regulators--the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency--coordinate important aspects of their supervision of insured depository institutions with more than $10 billion in assets and their affiliates. Such coordination includes scheduling examinations, conducting simultaneous examinations of covered depository institutions unless an institution requests separate examinations, and sharing draft reports of examination for comment. The MOU is intended to establish arrangements for coordination and cooperation between the CFPB and the prudential regulators, minimize unnecessary regulatory burden, avoid unnecessary duplication of effort, and decrease the risk of conflicting supervisory directives. Under the MOU, the agencies will coordinate examinations and other supervisory activities and share certain material supervisory information concerning: Compliance with federal consumer financial laws and certain other federal laws that regulate consumer financial products and services; Consumer compliance risk management programs; Activities such as underwriting, sales, marketing, servicing, collections, if they are related to consumer financial products or services; and Other related matters that the agencies may mutually agree upon. These coordination undertakings should lead to greater uniformity and efficiencies in supervision and help to minimize regulatory burden on covered depository institutions. Attachment Media Contacts: Media Contacts: CFPB Federal Reserve Board FDIC NCUA OCC Michelle Person (202) 4357857 (202) 452Susan Stawick 2955 (202) 898David Barr 6992 Kenzie (703) 518Snowden 6334 (202) 874Bryan Hubbard 5770 Last Update: June 04, 2012 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM TOOLS AND INFORMATION Contact STAY CONNECTED About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Financial Stability Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551