Five federal agencies announced today an understanding of the way they will work together to supervise large insured depository institutions specified as having more than $10 billion in assets and their affiliates.
Under Dodd-Frank, the Consumer Financial Protection Bureau and “prudential” regulators—The Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency—coordinate on their supervision of those large institutions.
A memo issued today by the agencies teaming up on supervising large financial institutions outlined their agreement for coordination and cooperation in an effort to minimize unnecessary regulatory burden, avoid duplication of effort and decrease risk of conflicting supervisory directives.
Toward that end, they will share information regarding and will coordinate on compliance with federal consumer financial laws; consumer compliance risk management programs; activities such as underwriting, sales, marketing, servicing, collections relating to consumer financial products and services; and other related matters as agreed upon by the agencies.
“These coordination undertakings should lead to greater uniformity and efficiencies in supervision and help to minimize regulatory burden on covered depository institutions,” the memo states.
View the memo.
Written by Elizabeth Ecker
