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Thursday, June 4, 2015

OIG: CFPB and Prudential Regulators Generally Coordinating

The OIG for the FDIC, Fed/CFPB, Treasury, and NCUA jointly evaluated how the CFPB and prudential regulators are coordinating their regulatory responsibilities and avoiding duplication of regulatory oversight responsibilities.

The OIGs found that the CFPB and prudential regulators were generally coordinating their regulatory oversight activities for Federal consumer financial laws, consistent with the Dodd-Frank Act and provisions of a memorandum of understanding (MOU) governing coordination activities, the report states.

The OIGs did not identify regulatory duplication of oversight responsibilities, but they determined that there are opportunities for enhanced coordination. These opportunities include conducting additional simultaneous examinations, better communicating matters identified in draft supervisory letters among the regulators, establishing a framework to address the potential for conflicting supervisory determinations, developing a standard CFPB process for notifying the prudential regulators of Federal consumer financial law violations by other institutions and timely notifying the prudential regulators of CFPB information requests to their regulated institutions.

To determine the extent to which CFPB and prudential regulators were coordinating their supervisory activities and avoiding duplication, the OIGs reviewed the Dodd-Frank Act, interviewed CFPB and regulator officials, reviewed MOU developed by the CFPB and prudential regulators, conducted research on complaints from regulators and financial institutions and coordinated with the GAO to understand its completed, ongoing and planned activities.

Read the OIG report.

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