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.