WASHINGTON — Regulators issued guidance Monday on how they plan to coordinate supervision of banks and credit unions with more than $10 billion in assets.
The Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Office of the Comptroller of the Currency are required under the regulatory reform effort to work together to ensure parallel efforts are being made among the agencies to schedule examines, conduct simultaneous examinations, and share draft reports of the examination for comment.
Under Dodd-Frank, the Consumer Financial Protection Bureau has the exclusive authority to require reports and conducts periodic examinations to ensure compliance with federal consumer financial laws, obtain information about activities subject to those laws, and detect any potential risks to consumers and markets for consumer financial products.
The agreement among the four regulators and the CFPB is meant to minimize unnecessary regulatory burden, avoid duplicative efforts and reduce the risk of conflicting directives among supervisors.
"These coordination undertakings should lead to greater uniformity and efficiencies in supervision and help to minimize regulatory burden on covered depository institutions," the agencies said in a joint release.
Among the supervisory information that the agencies will coordinate include compliance with federal consumer financial laws and other federal laws that regulate consumer financial products and services; consumer compliance risk management programs; and activities such as underwriting, sales, and marketing, if they relate to consumer financial products.