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Thursday, January 31, 2013

Curry Urges Banking Regulators & CFPB Coordination

Prudential regulators should work closely with the CFPB in areas where their responsibilities overlap, such as credit card supervision and fair lending laws, Comptroller of the Currency Thomas Curry said at the FFIEC Consumer Compliance Specialists Conference in Washington, D.C.
While the credit card issues involve coordination of separate responsibilities in a straightforward way, some of the divisions of responsibility in Dodd-Frank are less easy to understand and may require even greater care in communication and coordination. I'm thinking of fair lending, for example, as an area where we will definitely need to work together.
He noted that under Dodd-Frank the Equal Credit Opportunity Act rulemaking was transferred to the CFPB, while the Housing and Urban Development Department retained the Fair Housing Act. The CFPB also received the OCC’s former supervisory authority for ECOA exams for institutions with more than $10 billion in assets. Curry said, however, that his agency will continue to pass on allegations of discrimination.
I think of the OCC -- and the other bank regulatory agencies -- as the general practitioner, and the CFPB as the specialist. I know that’s an imperfect analogy, but it does illustrate how we can forge a good working relationship and why that relationship matters.

[The banking agencies] have responsibility for the entire bank or thrift, and we worry about every aspect of it, including compliance with consumer protection laws. I believe that our examinations can help inform the bureau’s supervisory work, and that the bureau’s insights can help us do our job.
Read Curry’s full speech.

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