Alert December 11, 2012

CFPB Issues Statement of Intent for Sharing Information with State Regulators

The CFPB outlined best practices for sharing information with state banking and financial services regulators with which it has entered into an MOU. In the Statement of Intent, the CFPB noted that the list provided was not exhaustive, and that the CFPB would use its best efforts to share information. Some of the means of information sharing include: (1) coordinating with, and provide nonbank supervision examination schedules to state regulators; (2) providing access to consumer complaint information on a systematic basis; and (3) sharing Registered Mortgage Loan Originator information. The CFPB also noted that, in connection with enforcement activities, it will, among other things, provide reasonable notification to state regulators prior to initiation of a public enforcement action, consult with regulators during the enforcement process, and engage in regular consultation to identify mutual enforcement priorities.