Bureau And Prudential Banking Regulators To Coordinate Certain Supervisory Activities

The Consumer Financial Protection Bureau (the Bureau) recently entered into a Memorandum of Understanding on Supervisory Coordination (the MOU) with the Board of Governors of the Federal Reserve System (the Federal Reserve Board), the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Prudential Regulators). The existence of the MOU was disclosed today, though it was signed on behalf of the Bureau and the Prudential Regulators on various dates in early- and mid-May 2012 and it became effective on May 16, 2012. Congress mandated coordination of supervisory activities and sharing of examination reports among the Bureau and the Prudential Regulators in various sections of Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.