ARLINGTON, Va. The Consumer Financial Protection Bureau (CFPB) and NASCUS have signed a memorandum of understanding (MOU) to build on the foundation of state and CFPB coordination and cooperation for the supervision of state-chartered credit unions.
“Specifically, NASCUS and the CFPB will continue to endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden on state credit unions,” the trade group said. “Further, the MOU provides that state regulators and the CFPB will consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of credit unions. An intent of the MOU is also to avoid duplication of time and resources between the states and CFPB.”
