Alert June 12, 2012

Interagency Memorandum of Understanding on Supervision Under Dodd-Frank

The CFPB and the prudential regulators— the FRB, FDIC, NCUA, and OCC— signed a Memorandum of Understanding that clarifies how the agencies will coordinate supervisory activities under the Dodd-Frank Act. The MOU arranges for the coordination of examinations and information sharing by and between the CFPB and the prudential regulators for depository institutions with more than $10 billion in assets and their affiliates. Key components of the MOU include:

•   The CFPB and prudential regulators establishing a single point of contact within each agency for each covered institution.

•   The coordination of examinations by the CFPB and the prudential regulators to take place simultaneously.

•   Allowing examinees to request that examinations not be conducted simultaneously.

•   The CFPB and prudential regulators sharing draft reports of examination with one another to allow for review and comment.

•   The sharing of supervisory information, including supervisory letters, supervisory actions, memoranda of understanding, appeals of supervisory determinations, final reports of examination, and other material supervisory information.

Click here for the CFPB press release and here for the MOU.