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Wednesday, May 22, 2013

CFPB Establishes Framework to Coordinate with State Regulators

The CFPB and the Conference of State Bank Supervisors (CSBS), acting on behalf of state financial regulatory authorities, announced a framework which establishes a process for coordination on supervision and enforcement matters. The framework will apply in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.

The framework applies to all non-depository institutions and those depository institutions with over $10 billion in assets. Among other things, the framework provides processes for:
  • coordinating exam schedules; 
  • developing comprehensive supervisory plans for particular institutions; 
  • coordinating information requests; 
  • streamlining information sharing; and 
  • providing advance notice of corrective actions.
Read more.

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