CFPB and State Regulators Announce MOU on Examinations, Enforcement

The federal Consumer Financial Protection Bureau implementation team, and the Conference of State Bank Supervisors recently signed a memorandum of understanding (MOU) to establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services.


A copy of the press release is available at:

http://www.csbs.org/news/press-releases/pr2010/Pages/pr-010411.aspx

Specifically, the state regulators and the federal CFPB announced they will work together to promote consistent examination procedures, to promote effective enforcement of state and federal consumer laws, and to minimize the regulatory burden and efficiently deploy supervisory resources.

The MOU also calls for state regulators and CFPB to consult each other regarding the standards, procedures, and practices for conducting compliance examinations of providers of consumer financial products and services, including non-depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders.