CFPB and FTC Agree on Information Sharing

WASHINGTON — The Consumer Financial Protection Bureau and the Federal Trade Commission said Monday they have signed an agreement to coordinate their rulemaking and enforcement activities.

The CFPB has signed similar agreements with other federal and state officials, including the Conference of State Bank Supervisors and state attorneys general. In the memorandum of understanding released Monday, the bureau and the FTC have agreed to meet regularly; inform each other prior to initiating an investigation or bringing an enforcement action against a company; consult with each other on rulemaking and guidance; share consumer complaints; and cooperate on consumer education efforts.

"Entering this agreement with the FTC is important to making sure markets for consumer financial products are getting efficient and effective federal government oversight," CFPB Director Richard Cordray said in a press release.

Under the Dodd-Frank Act, the new bureau was largely given the reins to write and enforce rules related to protecting consumers from financial harm. But the law also required the bureau to coordinate with the FTC, which still has consumer compliance authority for some products.

"This agreement ensures that businesses will not be double-teamed by the two agencies," FTC Chairman Jon Liebowitz also said in the release.