Agencies Sign Memorandum on Supervisory Coordination

The "Consumer Financial Protection Bureau":http://www.consumerfinance.gov/, the "Board of Governors of the Federal Reserve System":http://www.federalreserve.gov/, the "FDIC":http://www.fdic.gov/, the "National Credit Union Administration":http://www.ncua.gov/Pages/default.aspx, and the "Office of the Comptroller of the Currency":http://www.occ.gov/about/what-we-do/mission/index-about.html released Monday a Memorandum of Understanding (MOU) to clarify how they will coordinate their supervisory activities. As per section 1025 of the Dodd-Frank Act, the federal agencies are to coordinate their supervision of depository institutions with more than $10 billion in assets and their affiliates. Under the MOU, the agencies will coordinate examinations and share certain material supervisory information. The full MOU can be found "at this link":http://www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-85a.pdf.