CFPB Signs "Supervisory Coordination" Memo With Other Regulators
04 June 2012
The Consumer Financial Protection Bureau entered into a Memorandum of Understanding with four other regulators this week: 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.
The four — collectively known as the “prudential regulators” — will coordinate with the CFPB on the supervision of depository institutions with more than $10 billion in assets.
A release from the Federal Reserve’s Board of Governors further explains the new agreement.
Read the full story here.