Agencies Agree on Supervisory Coordination
On June 4, five federal financial regulatory agencies released a memorandum of understanding clarifying how they will coordinate supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A goal of streamlining
Section 1025 of the Dodd-Frank Act requires that the CFPB and the prudential regulators—the Federal Reserve Board of Governors, 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 $10 billion or more in assets and their affiliates. Coordination includes scheduling examinations, conducting simultaneous examinations of institutions unless an institution requests a separate examination, and sharing draft reports of examination for comment.
Four broad areas of coordination
June 18, 2012