Agencies Sign Memorandum of Understanding on Supervisory Coordination

The five federal agencies charged under Dodd-Frank with regulating insured depository institutions with more than $10 billion in assets and their affiliates have reached an agreement on coordinating their supervisory activities.  The Consumer Financial Protection Bureau along with 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—have agreed to coordinate examinations (including simultaneous examinations) and to share draft reports of examination for comment. The agencies will also share information regarding compliance with federal consumer financial laws and other laws that regulate consumer financial products and services, consumer compliance risk management programs, activities including underwriting, sales, marketing, servicing and collection if related to consumer financial products or service and other related matters. The agencies are aiming for greater uniformity in supervision and fewer regulatory burdens on regulated institutions.

You can see a copy of the agencies’ “Memorandum of Understanding” here: Memorandum of Understanding-PDF