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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.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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