Alert May 28, 2013

CFPB and State Regulators Create Coordination Framework

The CFPB and the Conference of State Bank Supervisors on behalf of state regulators, announced the creation of a framework, based on a 2011 joint memorandum and the CFPB’s statement of intent (see December 11, 2012 Alert), to help with the coordination and collaboration of supervision and enforcement activities. The framework provides, among other things, processes to coordinate corrective actions taken against subject entities, schedule examinations, and the resolution of differences concerning supervision of entities or entities identified for examination.